Comment: In what has been and still is a slow process, Eurodollar futures will continue to inch up towards Libor as economic recovery hopes fade. A double dip recession is not needed to keep interest rates low for a very long time; sorting out the financial system will take time. Open interest continues to increase and is at its highest in over a year suggesting that while returns here are low, more feel it is worthwhile trading and are allocating it more funds. Cash is not changing hands though so one wonders how the brokers are faring.
Strategy: Attempt small longs at 99.120; stop below 99.060. Add to longs on a daily close above 99.180 for contract high at 99.235, then 99.285.
