worked some with the commitment of traders report but I could not massage the numbers down to anything meaningful so I stopped looking at it. When I was working with it, I noticed that a very small group has the bulk of the open interests. I never figures out whether they were packers, traders, hedgers or speculators. At any rate, I became a more cautious trader knowing there were some mighty big dogs out there.

I have a bunch of T-Bond options expiring this afternoon. It looks like the Option Expiration War is being fought at the 151 price level but could move up to the 151.5 area.

Best wishes,

dhm