Key Takeaways with Craig

A late day rally led to a mixed close for US Equity prices today and also to a near unchanged week for the S&P 500 and Nasdaq-100 after some volatility-data fueled volatility along the way.  As we often do on Friday’s below is the net price and volatility change in some of CME’s major products on the week using QuikStrike and CVOL data. 

  • As stated, stock prices were near steady while volatility in the options ticked down.
  • WTI Crude Oil futures prices were down about 4% on the week after over a 2.5% decline today; the CVOL index fell as well.
  • Gold prices were near steady but the CVOL level came down materially.
  • Similarly, Euro FX prices were nearly unchanged but implied volatility came down to near one-year lows.
  • Treasury Yields were higher and the 2-Year hit the highest levels we’ve seen since early November.  The 2s vs 10s inversion is also near the highest level we’ve seen since December.
  • Bitcoin futures price was up by 14% and implied volatility increased by over 27%.  Also, the Calls are trading as high relative to the Puts as they have in at least a year.
  • Natural Gas prices are at least a one year low after a 6% decline on the week.

So that’s where we sit as we look toward the last full week in February.  Have a wonderful weekend and we’ll be back on Tuesday as we’ll be off Monday in observance of the President’s Day Holiday.  

Today's Future Price Action

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