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OI/Market *PIC*

Big drop in the U most of which was rolled into new Dec positions. The remainder as reflected in the total OI could be spread liquidation or shorts buying from longs. The market volatility on Friday was not so great to warrant such a change in the total. However there is no indication that systems have reversed from a short position to a long one. Today we continue to see a firm market both in outrights and in the SepDec spread which is -3.50 bid for the second time today, indicating very likely that spec shorts are rolling into Dec.