CME Case Shiller Futures -post CS #’s

Prices on CME Case Shiller futures rose after the release of the March index numbers.  As highlighted in the table below, the March indices for five regions (BOS, LAX, SDG, SFR, and WDC) were outside the bid/ask range (above) of recently posted quotes on the expiring May 2013 (K13) contract.   One region(NYM) saw prices that were below the K13 bid/ask range.  This set of outliers a) contrasts with recent experience where the expiring CME contract bounded actual Case Shiller indices, and b) shows that there are trading opportunities, right up to the last minute, for those with strong views (or insight) on yet-to-be released Case Shiller indices.   While often those views are expressed in the front contracts, there were a handful of assorted trades on Friday  (May 24) in longer-dated contracts.

As of 11:30 (New York) there have been no trades today in the  CME futures.

Bids have increased about 2-3 points on the more bullish contracts (with the exception of CHI and NYM), with some further steepening in the front end of the expiration curves.  Offers are 3-4 points higher (or missing).