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[jjc]

I don't quite understand the tape here: Looking purely at price and volume over indices: 1) ES draft down to close, up volume lagging down volume 16 to 1 in the last 5 minutes. 2) ER2 drift down to close, up volume lagging down volume 5 to 1 in the last 5 minutes. The 10yr yield has slowly been drifting up (boiling those 10yr Long Frogs at a slow pace), yet traders are more fearful of holding ES overnight than holding ER2? I can't get my head around this one.