Key Takeaways with Craig

US Equity markets began the day lower but recovered to log solid gains, led by the Nasdaq which was up by nearly 1.5%.  US Treasury yields fell from the 2-Year out to 30-Year.  All of this happened against the backdrop of tomorrow’s CPI number which is scheduled to be released at 7:30 AM Chicago time and will provide the market with the latest reading on the inflationary environment.  Implied volatility (“vol”) in the E-mini Dow and Nasdaq-100 markets ticked down today though the S&P 500 vol was slightly higher. 

Commodity markets at CME were active again today with WTI Crude Oil futures prices up another 4% and Gold futures prices up nearly 1.5%.  Additionally, the US Dollar fell versus most major currencies in CME Group futures markets, perhaps contributing to the rise in Gold prices. 

WTI Crude Oil futures prices, at $80.84 per barrel, are now up by about 18% since the third week in December though implied volatility is trading near 2 month lows, as you can see from the blue line in the upper QuikStrike graph below.  The lower graph, which depicts the 25 Delta Risk Reversal (Call Vol minus Put Vol), shows that the out of the money Calls are trading as high relative to the Puts as they have since the beginning of December. 

Today's Future Price Action

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