Key Takeaways with Craig

US Equity prices fell again today to end up lower on a week during which we got a read on the latest CPI number and FOMC decision on the Fed Funds target rate.  As we head into the final two weeks of a year defined by heightened volatility, here are the net price and volatility changes on the week using QuikStrike and CVOL data. 

  • Overall options volatility tended to decline despite price volatility in several markets.  One notable exception was in the Bitcoin options where implied volatility increased by about 14%.
  • E-mini S&P 500 and Nasdaq-100 futures prices were down 2 and 3% respectively.  Despite that, options implied volatility was steady to lower. 
  • WTI Crude Oil futures prices rose by 5% while volatility in the options declined.
  • Both Gold and Euro FX prices were near steady while volatility came down materially.  Euro FX CVOL levels are trading at 1-year lows.
  • Treasury yields came down and with today’s moves that saw Micro 2-Year yields decline 6 basis points and 10-Year yields climb by 4 basis points, the 2s versus 10s inversion fell to about 65 basis points. 

So that’s a wrap on another week filled with price action in some of CME’s major products.  We wish health and happiness to all of our In FOCUS readers as we move through the holiday season.  

Today's Future Price Action

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