Key Takeaways with Craig

US Equity prices attempted a rally earlier in the day but ultimately closed mostly lower, with the Nasdaq leading losses, down by over 2.25%.  Interestingly, implied volatility in options that have 30 days until expiration in both the E-mini S&P 500 and Nasdaq-100 declined today, even as the futures price declined.    The options that expire tomorrow and Friday after the 3rd quarter GDP and more technology company earnings are announced are trading at elevated vol levels relative to the options that expire next Monday and Tuesday, but even they came down fairly substantially today.  The QuikStrike graph below shows this with the current vol curve in the E-mini S&P 500 (blue line) and the curve as of yesterday’s settlement (orange line). 

In other CME Markets

  • Treasury Yields declined with the Micro 2-Year down about 5 basis points and the 10-Year down about 9 basis points.  The inversion between the two as widened back out to about 40 basis points
  • WTI Crude Oil futures prices were up another 3.4%
  • Most major currencies gained versus the US Dollar in CME’s FX futures markets
  • Metals were active with Copper prices up by over 4.25%, Platinum up by about the same and Aluminum up by nearly 5.5%

As we said earlier, tomorrow brings us a reading on 3rd quarter GDP as well as additional earnings reports which will provide further insight to the health of the US Economy.  

Today's Future Price Action

Traders Resources

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