US Equity Indexes closed mix to begin May trading as the Nasdaq fell while the three other major indexes rallied and implied volatility in the options markets was near steady. Commodity futures at CME Group saw a bit more price volatility than some of the financial products, but perhaps driven by a softness in the US Dollar versus other major currencies. Some notable moves included:
Because of today’s outperformance of Silver versus Gold, we used QuikStrike data to graph the much-watched Gold:Silver price ratio in the top graph below. As you can see, there doesn’t seem to be a dramatic story associated with today’s price move but rather a continuation of a slight trend of Silver price appreciation versus Gold. In the middle QuikStrike graph, we show 3 months of price and implied volatility data in the Silver market to show the magnitude of today’s move relative to recent months. Similarly, we saw a material uptick in the Calls relative to the Puts as you can see in the bottom graph.