At-a-Glance

Key Takeaways with Craig

US Equity prices fell again as Treasury Yields jumped for the second day in a row.  Somewhat interestingly, implied volatility in CME’s S&P 500 options spiked today while that in the Nasdaq-100 options was near steady.  Implied volatility in CME’s Treasury options markets continued to rise with the CVOL level in the 10-Year based on yield at over 184, which was up from about 166 at Tuesday’s close.  All of CME’s Treasury products are trading at or near CVOL 6-month high levels. 

CME commodity markets were active as well with grains futures prices trading higher, metals, with the exception of Gold, trading higher and Natural Gas futures prices down another 2.5%. 

Using CME data, we updated our Year-to-Date graph of the Micro 2-Year and 10-Year yield settlement prices.  The top graph shows just how dramatically both the 2s and 10s have risen this year and, by the point at which the blue line crosses the orange line, you can see when the yields became inverted.  The bottom graph illustrates clearly the magnitude of the inversion by plotting the Micro 10-Year yield minus that of the 2-Year.  

Today's Future Price Action

Traders Resources

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