Pre-cash update

1243GMT WED 23MAR2011

Still 45 mins until the cash open. The ES is just below yesterday’s cash close, but having made a reasonably active 10-point range in the overnight. Model #2 is telling me there are quite good bids around at these sorts of levels and for the next few points lower while Model #1, is not so clear cut; giving me a bit of a bias to the upside for the next few hours.

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