So what time is the LTRO?

What?!

It’s over?

And yet we remain range-bound.

I guess the EUR 530 bln take up was a “Goldilocks” figure, not too large and not too small.

Options activity has the market all bottled up. The Panda is selling ahead of 1.3500 barriers and buying back on dips to the 1.3420 area. Rinse/repeat.