I will be traveling Tuesday May 31 (step-daughter's wedding) and will miss the release of the updated Case Shiller #'s.
I've left a few GTC orders, but otherwise intend to be back at my desk Wednesday morning, will digest the results at that time, and will start reposting quotes later that morning.
I'd note (for those who haven't followed this market over the last few weeks) that prices, particularly for 2024 (and longer) contracts, have fallen sharply. I'd remind readers that IMHO the prices quoted here reflect levels where parties are willing to exchange risk, and in particular during a change in sentiment, such as we appear to be going through, may not necessarily represent consensus on expectations.
That is, in the shift from a "Sellers Market" to a "Buyers Market" those looking to hedge need to appreciate that clearing levels have fallen, and may represent a view where buyers expect have overshot.
This is even more the case in a thinly traded market, where I, as the market maker, am seeing sell offers that far overwhelm my personal risk capacity for buying. Net, this market needs buyers, and such buyers may be in a much better position to enter exposure to contracts at prices that are far lower than they were only 2-3 weeks ago (for longer-dated expirations).
You may notice that I've pulled quotes on 2025 and longer expirations on regional contracts, as they depend on some agreement on where 2023-24 prices might clear. Since the 2023-24 markets are quotes at wide spreads (if at all) it doesn't make sense to me to quote even wider bid/ask spread on longer-dated contracts.
That said, I've had buyers and sellers for 2025 (and longer) contracts, so please feel free to share what you'd like to get done, or post orders directly.
Similarly, I have inquiries in hand (both long and short) on 2023-24 contracts, so please feel free to share trading axes (email is great!), and/or to post quotes yourself.
See you Wednesday!
John