Extra Space Medium Term Curve Security

Entry

Stop

Target

Short Term Curve Bias

Entry

Stop

Target

Bias

Euribor

FinCurve STIR EURIBOR-EURODOLLAR-STERLING Tuesday, 25th Feb 2014

ERZ4 Comdty

99.644

99.609

Bullish

99.735

99.675

ERZ5 Comdty

99.315

99.375

Neutral

99.515

99.375

ERZ6 Comdty

98.755

98.755

Balanced

99.015

98.795

99.534

Bullish

EDZ4 Comdty

99.574

99.615

Neutral

99.655

99.615

99.775

Bullish

EDZ5 Comdty

98.945

98.945

Balanced

98.945

98.925

99.150

Bullish

EDZ6 Comdty

98.025

97.815

Neutral

98.025

97.815

L Z4 Comdty

99.169

99.149

99.400

Bullish

99.239

99.199

L Z5 Comdty

98.520

98.560

98.010

Bearish

98.380

98.370

L Z6 Comdty

97.690

97.760

97.090

Bearish

97.590

97.530

99.835

Neutral Neutral

Eurodollar

Neutral

Sterling 99.380

Bullish Balanced

97.940

Bullish

Euribor Dec 2014: 24/02 Short term changes to neutral with a bullish bias but no position taken until we close above 99.735. 03/02 Only 9 Bp to our medium term long position exit !! We now see the short term as neutral with a bearish bias , but nothing cooking unless we close below 99.645. 30/01 Granularity takes the short term effectively balanced so we exit our long from 99.655 MOO at 99.70 for a 4.5 Bp profit. It's not much, but it's lunch.

WhiteSpace1 Euribor Dec 2015: 20/02 Medium term still not sure which way is up as our long from 53 cut MOO at 54 on a change in granularity. EMA's looking to finally diverge, but looks can be deceiving as we know. 19/02 Medium term joins the party with a long position from 53 looking for 88.5. Stop on this is the same as the short term at 35.5. With this sideways market move EMA's are still not giving a definitive signal as yet. 14/02 Short term neutralised but not stopped on yesterdays trading session. A close above 52.5 today will see us resume our hunt for 88.

WhiteSpace1 Euribor Dec 2016: 19/02 Short term returns bullish on yesterdays session and resumes the hunt for a new higher target of 55. 04/02 A new higher target in the short term up at 99.495 now due to volume traded creating a new higher trigger entry. With EMA's backed up by swing and momentum our long from 98.89 is looking ok. 03/02 Medium term target acquired and and a decent 24.5 Bp thrown in the kitty. Next stop, 99.295 ?

WhiteSpace1 EuroDollar Dec 2014: 20/02 Short term granularity changes once more and takes the curve bullish but we hold no position unless we trade below and subsequently close above 65.5. Marked for consistency. 19/02 Granularity forces us to close both longs prematurely MOO at 68.5 for a combined 4 Bp profit. Both curves now neutral with a bearish bias and short on a close below 60. 10/02 Double long we are then. Entry at 99.665 from the 66 trigger looking for 79 with a 60.5 stop. Worth noting that EMA's are diverging nicely at the moment.

WhiteSpace1 EuroDollar Dec 2015: 31/01 Short term curve turns bullish on yesterdays trading session and we await a trade below and subsequent close above 98.945 to get involved. Marked for consistency. 24/01 Medium term shorts stopped at 98.945 for a 6.5 Bp loss. So neutral we remain now until we close below 98.845.

WhiteSpace1 EuroDollar Dec 2016: 20/02 With new higher entry triggers we were neutralised in both curves on yesterdays sell off. A close above 98.025 today will see us back in the zone. 04/02 Medium term upside target gets bumped higher to 98.155. Longs still sitting pretty!

WhiteSpace1 Short Sterling Dec 2014: 24/02 Short term pushed long at 99.24 with a 38 target. Stop comes in at 20 on this and with EMA's still faffing about we could see that sooner than we want. 18/02 New start date for the short term curve at the 22nd Jan and we only have two ticks between Mid and Mode which leaves us with an effectively balanced curve. Interesting to see that considering all that has happened it has taken almost a month for accounts to square up. 28/01 Still holding longs on the medium term having bounced off our stop level level of 99.15 in both of the previous two sessions. Short term neutralised, looking to initiate shorts through 99.13.

WhiteSpace1 Short Sterling Dec 2015: 18/02 Another balanced short term contract, this is very important and we will cover this separately as it means the strip is ripe for a major move on fresh positions. 13/02 That's more like it. Medium term pushed short again, this time at 98.50 from a 52 trigger. Target is 01 with a 56 stop. 10/02 In and out on the same day is rather tedious and annoying. Another 5 Bp loss posted and the curve once again returns neutral. Yawn....

WhiteSpace1 Short Sterling Dec 2015: 24/02 Short term curve is marked for consistency only, no position held unless we trade below 59 and close above. 18/02 Out here as well, this is an absolute first and please contact us if you are not on the Bloomberg list as this is a very special condition. 13/02 Yesterdays sell off neutralised the short term and took us that much closer to our medium term target of 13.

WhiteSpace1 WhiteSpace WhiteSpace WhiteSpace WhiteSpace WhiteSpace WhiteSpace WhiteSpace WhiteSpace WhiteSpace

Tuesday, 25th Feb 2014

3MO EURO EURIBOR Dec14 ERZ4 Comdty

7 Oct 2013

12 Dec 2013

Bias

Bullish

Target

99.835

Entry Trigger

99.644

99.735

Last

99.720

99.720

Stop

99.609

99.675

Balance Point

99.644

99.664

Skew

Neutral

0.757

0.740

Period Open

99.495

99.590

Period Close

99.720

99.720

Absolute Max

99.765

99.765

Absolute Min Act Balance

99.445

99.575

8062/5726

866/5161

Euribor Dec 2014: 24/02 Short term changes to neutral with a bullish bias but no position taken until we close above 99.735. 03/02 Only 9 Bp to our medium term long position exit !! We now see the short term as neutral with a bearish bias , but nothing cooking unless we close below 99.645. 30/01 Granularity takes the short term effectively balanced so we exit our long from 99.655 MOO at 99.70 for a 4.5 Bp profit. It's not much, but it's lunch.

Tuesday, 25th Feb 2014

3MO EURO EURIBOR Dec15 ERZ5 Comdty Bias

7 Nov 2013

31 Dec 2013

Neutral

Neutral

Entry Trigger

99.315

99.515

Last

99.510

99.510

Stop

99.375

99.375

Balance Point

99.355

99.435

Target

Skew

0.390

1.905

Period Open

99.275

99.265

Period Close

99.510

99.510

Absolute Max

99.575

99.575

Absolute Min

99.150

99.150

4259/925

406/2272

Act Balance

Euribor Dec 2015: 20/02 Medium term still not sure which way is up as our long from 53 cut MOO at 54 on a change in granularity. EMA's looking to finally diverge, but looks can be deceiving as we know. 19/02 Medium term joins the party with a long position from 53 looking for 88.5. Stop on this is the same as the short term at 35.5. With this sideways market move EMA's are still not giving a definitive signal as yet. 14/02 Short term neutralised but not stopped on yesterdays trading session. A close above 52.5 today will see us resume our hunt for 88.

Tuesday, 25th Feb 2014

3MO EURO EURIBOR Dec16 ERZ6 Comdty Bias

6 Dec 2013 Balanced

Target

31 Dec 2013 Bullish 99.534

Entry Trigger

98.755

99.015

Last

99.020

99.020

Stop

98.755

98.795

Balance Point

98.695

98.875

Skew

0.810

1.503

Period Open

98.705

98.615

Period Close

99.020

99.020

Absolute Max

99.020

99.095

Absolute Min

98.480

98.480

Act Balance

295/886

403/1340

Euribor Dec 2016: 19/02 Short term returns bullish on yesterdays session and resumes the hunt for a new higher target of 55. 04/02 A new higher target in the short term up at 99.495 now due to volume traded creating a new higher trigger entry. With EMA's backed up by swing and momentum our long from 98.89 is looking ok. 03/02 Medium term target acquired and and a decent 24.5 Bp thrown in the kitty. Next stop, 99.295 ?

Tuesday, 25th Feb 2014

90DAY EURO$ FUTR Dec14 EDZ4 Comdty Bias

18 Dec 2013 Neutral

Target

9 Jan 2014 Bullish 99.775

Entry Trigger

99.574

99.655

Last

99.675

99.675

Stop

99.615

99.615

Balance Point

99.594

99.604

Skew

0.429

0.181

Period Open

99.640

99.530

Period Close

99.675

99.675

Absolute Max

99.695

99.695

Absolute Min

99.520

99.520

2495/533

661/1517

Act Balance

EuroDollar Dec 2014: 20/02 Short term granularity changes once more and takes the curve bullish but we hold no position unless we trade below and subsequently close above 65.5. Marked for consistency. 19/02 Granularity forces us to close both longs prematurely MOO at 68.5 for a combined 4 Bp profit. Both curves now neutral with a bearish bias and short on a close below 60. 10/02 Double long we are then. Entry at 99.665 from the 66 trigger looking for 79 with a 60.5 stop. Worth noting that EMA's are diverging nicely at the moment.

Tuesday, 25th Feb 2014

90DAY EURO$ FUTR Dec15 EDZ5 Comdty Bias

18 Dec 2013 Balanced

Target

22 Jan 2014 Bullish 99.150

Entry Trigger

98.945

98.945

Last

99.025

99.025

Stop

98.945

98.925

Balance Point

98.945

98.985

Skew

-0.513

0.046

Period Open

99.085

98.815

Period Close

99.025

99.025

Absolute Max

99.145

99.110

Absolute Min

98.725

98.745

2162/1697

1616/437

Act Balance

EuroDollar Dec 2015: 31/01 Short term curve turns bullish on yesterdays trading session and we await a trade below and subsequent close above 98.945 to get involved. Marked for consistency. 24/01 Medium term shorts stopped at 98.945 for a 6.5 Bp loss. So neutral we remain now until we close below 98.845.

Tuesday, 25th Feb 2014

90DAY EURO$ FUTR Dec16 EDZ6 Comdty Bias

13 Dec 2013

9 Jan 2014

Neutral

Neutral

Entry Trigger

98.025

98.025

Last

97.955

97.955

Stop

97.815

97.815

Balance Point

97.845

97.885

Target

Skew

0.010

0.591

Period Open

97.835

97.580

Period Close

97.955

97.955

Absolute Max

98.065

98.065

Absolute Min

97.540

97.540

208/4293

208/3043

Act Balance

EuroDollar Dec 2016: 20/02 With new higher entry triggers we were neutralised in both curves on yesterdays sell off. A close above 98.025 today will see us back in the zone. 04/02 Medium term upside target gets bumped higher to 98.155. Longs still sitting pretty!

Tuesday, 25th Feb 2014

90DAY STERLING FU Dec14 L Z4 Comdty

1 Aug 2013

22 Jan 2014

Bias

Bullish

Bullish

Target

99.400

99.380

Entry Trigger

99.169

99.239

Last

99.240

99.240

Stop

99.149

99.199

Balance Point

99.179

99.199

Skew

0.807

1.047

Period Open

99.330

99.160

Period Close

99.240

99.240

Absolute Max

99.360

99.300

Absolute Min

98.930

99.090

18276/11385

2007/4381

Act Balance

Short Sterling Dec 2014: 24/02 Short term pushed long at 99.24 with a 38 target. Stop comes in at 20 on this and with EMA's still faffing about we could see that sooner than we want. 18/02 New start date for the short term curve at the 22nd Jan and we only have two ticks between Mid and Mode which leaves us with an effectively balanced curve. Interesting to see that considering all that has happened it has taken almost a month for accounts to square up. 28/01 Still holding longs on the medium term having bounced off our stop level level of 99.15 in both of the previous two sessions. Short term neutralised, looking to initiate shorts through 99.13.

Tuesday, 25th Feb 2014

90DAY STERLING FU Dec15 L Z5 Comdty Bias

1 Aug 2013 Bearish

22 Jan 2014 Balanced

Target

98.010

Entry Trigger

98.520

98.380

Last

98.430

98.430

Stop

98.560

98.370

Balance Point

98.440

98.360

Skew

0.406

0.699

Period Open

98.940

98.320

Period Close

98.430

98.430

Absolute Max

99.000

98.600

Absolute Min

98.090

98.160

5248/9159

1545/1679

Act Balance

Short Sterling Dec 2015: 18/02 Another balanced short term contract, this is very important and we will cover this separately as it means the strip is ripe for a major move on fresh positions. 13/02 That's more like it. Medium term pushed short again, this time at 98.50 from a 52 trigger. Target is 01 with a 56 stop. 10/02 In and out on the same day is rather tedious and annoying. Another 5 Bp loss posted and the curve once again returns neutral. Yawn....

Tuesday, 25th Feb 2014

90DAY STERLING FU Dec16 L Z6 Comdty Bias

1 Aug 2013

27 Dec 2013

Bearish

Bullish

Target

97.090

97.940

Entry Trigger

97.690

97.590

Last

97.610

97.610

Stop

97.760

97.530

Balance Point

97.590

97.550

Skew

0.796

0.801

Period Open

98.220

97.310

Period Close

97.610

97.610

Absolute Max

98.270

97.820

Absolute Min

97.230

97.230

1851/4385

1151/2013

Act Balance

Short Sterling Dec 2015: 24/02 Short term curve is marked for consistency only, no position held unless we trade below 59 and close above. 18/02 Out here as well, this is an absolute first and please contact us if you are not on the Bloomberg list as this is a very special condition. 13/02 Yesterdays sell off neutralised the short term and took us that much closer to our medium term target of 13.