Key Takeaways with Craig
US stock prices continued higher today as October gets off to quite a start in the Equities market. Not surprisingly, implied volatility (“vol”) in CME’s Equity Index options has come down with the recent price rally but both the E-mini Nasdaq-100 and S&P 500 vol are still trading well above the 3-month closing levels. US Treasury yields were lower earlier in the day, but by late afternoon, most tenors were near steady or just slightly lower.
Most major currencies were higher versus the US Dollar in CME’s FX futures markets and CME’s metals futures prices continued to climb. Gold futures prices were up by nearly 2% today and Silver was up by almost 2.5%. After today’s move, Silver futures prices are up by over 15% just since one week ago and while implied volatility in the Silver options market came off a bit today, it is still trading well above the 3-month average. These moves are illustrated nicely in the QuikStrike graph below that illustrates 30-day implied volatility (blue line) and price (orange line) over the last three months.
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