I wrote in the comments to Pascal's daily note yesterday that there would not be large scale liquidations in futures because of MF Global. However, this article suggests otherwise, and says the NY markets (metals, energy) could be particularly affected in the coming days:

http://www.reuters.com/article/2011/...7A27Y020111103

As the article notes, both longs and shorts would be liquidated, which might net, but volatility should increase.