Key Takeaways with Craig
US Equity Index prices were lower for most of the day but closed off of the lows as the market digested the information in the March Federal Reserve minutes that were released this afternoon. Implied volatility in CME’s Equity Index options continued to tick higher, though remains below the 3 month average.
Once again, WTI Crude Oil futures prices declined while Natural Gas prices rose. WTI Crude Oil was down by nearly 5% to under $97 per barrel and implied volatility in the WTI options also continued to decline. Additionally, as you can see in the QuikStrike graph below of the 25 Delta Risk Reversal, Puts are trading as close to Calls as they have since the end of February.
Treasury yields were slightly higher, though the 2-Year was little changed on the day. The CME Group FedWatch tool did not show significant differences from yesterday after the Fed minutes were released.
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