US Equities wound up mostly higher today, though performance was mixed among the 4 major indexes. The tech-heavy Nasdaq was up by about .75%, the Russell 2000 was down by over 1% and the Dow and S&P 500 were little changed. Implied volatility in CME Group’s equity index options markets continues to fall after the spike we saw on Monday; E-mini S&P 500 30-day implied volatility has fallen back to the three month average with the E-mini Nasdaq-100 is nearing the low end of a one standard deviation move.
Commodity markets were active today at CME Group as grains futures prices were down by between 1% and 2.5%, the price of WTI Crude Oil futures rose by another 2% and Copper futures price were up by about 1.5%. Implied volatility in the WTI Crude Oil options markets, which we talked about a couple of days ago, has fallen back to about 31% after spiking to over 41%. The QuikStrike graph below illustrates the significant price and volatility moves we’ve seen recently in the crude oil markets.