ED Futures : Short EDZ1 Outright

• Unlegged EDM1 leg of long EDM1/Z1 calendar spread by sale of EDM1 @ 99.645. Naked short EDZ1 now. 
• EDM1 stands to pay me max 4-5 tics over the next 3 months (= less than 2 bp per month! no brainer to get rid of) vs huge potential downside risk should there be a liquidity squeeze on the front end of rates and/or credit issues resurface.
• Entire exercise has worked out wonderfully. Original long spread position was put on as a hedge against possibility of higher USD interest rates doing damage to core short USD+long Commodity trades. Those core positions are now deep in the money whilst the ED spread is now slightly in the money (EDZ1 reval @ 99.40 when EDM1 was squared), from once being way out of money at worst of the Fukushima fears.
• Chart-wise, there is nothing special with EDZ1. No trade. EDZ1 short is maintained for hedging reasons as core book is still very much actively engaged short USD.
• EDZ1 probably a buy in the low 30s down to 25. 
• The only problem with unlegging is it increases my IMR used.