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Re: KC Front Spread
There is minimal support in the UZ as a result of futures strength. In fact the spread generally dropped in value as the market rose. At this point, traders are looking more at positions than any other play with the U OI at 80 - 83k and option expiration in 10 days or so. Today the spread is firmer than it has been and bids are emerging in call spreads in the UZ. The spread has been a mystery to me. Many funds have likely covered shorts by buying U.