Key Takeaways with Craig

If ever a week warranted a recap, this certainly has to be among them.  With the US mid-term elections on Tuesday and then yesterday’s CPI reading, today ended another wild week in CME’s financial and commodity markets.  This activity is reflected nicely in the chart below that we put together using QuikStrike and CVOL data and shows the net price and volatility changes in many of CME’s major futures and options products. 

As you can see, the week saw substantial net changes in several different products. 

  • As of the close on Wednesday, both the E-mini S&P 500 and Nasdaq-100 were lower on the week.  However, after rallying Thursday and Friday, they were up by 5 and 9% respectively.  Implied volatility declined notably on the week.
  • Euro FX futures prices were up by 4% versus the US Dollar as the Dollar declined relative to most major currencies.  Implied volatility was slightly higher. 
  • US Treasury yields declined substantially with the Micro 10-Year Yield futures down by over 30 basis points.  Implied volatility came off significantly as noted by the CVOL level decline from 143 to 130. 
  • Natural Gas futures were down by 8% while implied volatility increased from already elevated levels. 
  • Gold futures prices were up 6% on the week.
  • Finally, Bitcoin futures prices were down by 24% while implied volatility almost doubled.

So that’s where we stand as we head into the second half of November and beginning of the holiday season.  Have a nice fall weekend and we’ll see you on Monday.  

Today's Future Price Action

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