US Equity Indexes were lower today as the tech-heavy Nasdaq almost managed gains, but sold off in the last half hour of cash equity trading. The earlier Nasdaq gains were muted by a decline in the shares of Apple as the much-anticipated unveiling of the next generation iPhone seemed to underwhelm investors, at least as indicated by the stock price. Interestingly, even when the E-mini (and Micro E-mini) Nasdaq-100 futures price was higher earlier in the day, 30-Day implied volatility in the options had risen from about 30% to about 32.5%.
The US Dollar rose against most major currencies, which may have contributed to the price declines we saw in Gold and Silver futures of 1.6% and over 4%, respectively. Implied volatility in the Gold options increased with the price break and, as you can see in the QuikStrike graph below, out of the money Puts are trading at a slightly higher implied than the Calls again.