At-a-Glance

Key Takeaways with Craig

Happy New Year to all of our In FOCUS readers and welcome to 2023.  Before looking ahead to this week’s events, which include (among others) FOMC meeting minutes on Wednesday and the December Employment report on Friday, we thought we’d take a look back at 2022. 

As you can see in the chart below that was compiled using QuikStrike and CVOL data in a format that should be familiar to most In FOCUS readers, 2022 was indeed a year characterized by outsized volatility in many of CME’s major products. 

  • Except for Corn and Bitcoin, implied volatility finished higher in all of the products we looked at.
  • The lowest volatility levels in E-mini S&P 500, Nasdaq-100, Gold and Euro FX occurred at the beginning of the year.
  • Bitcoin volatility hit its lowest level on the last day of 2022.
  • Micro 10-Year yields were up by over 154%
  • E-mini S&P 500 and Nasdaq-100 prices were down 19% and 32%, respectively.
  • The 2s versus 10s inversion ended at 55 basis points; down from the 81 basis points we saw in late November as you can see in the graph.

We also included two additional columns in today’s chart;  the high and low volatility levels in 2022 so you can see, even in the products that ended off of the highest levels of the year, just how high volatility got during 2022.  The final column is a simple “open-hi-low-close” “mini graph” of the volatility in 2022. 

And with that, we’ll leave 2022 financial and commodity markets behind and tomorrow we’ll begin looking toward 2023 here in the Key Takeaways section.  

Today's Future Price Action

Traders Resources

The information in the market commentaries have been obtained from sources believed to be reliable, but we do not guarantee its accuracy and expressly disclaim all liability. Neither the information nor any opinions expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts. The information on this site compiled by CME Group is for general purposes only. All information and data herein is provided as-is. Additionally, all examples on this site are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. CME Group assumes no responsibility for any errors or omissions. CME Group, its affiliates and any third party information and content providers expressly disclaim all liability with respect to the information and data contained herein including without limitation, any liability with respect to the accuracy or completeness of any data. You use the data herein solely at your own risk. All data and information provided herein is not intended for trading purposes or for trading advice. All matters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current rules should be consulted in all cases concerning contract specifications.

Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Due to the leveraged nature of futures trading and swaps trading, it is possible to lose more than the amount deposited in a position. Therefore, traders should not deposit more funds than they can afford to lose without negatively affecting their lifestyles. A trader cannot expect to profit on each trade, and should only devote a small amount of their available funds to each trade. All references to options refer to options on futures.

Past performance is not necessarily indicative of future performance.

CME Group, the Globe Logo, Chicago Mercantile Exchange, Globex and CME are trademarks of Chicago Mercantile Exchange Inc. CBOT is the trademark of the Board of Trade of the City of Chicago, Inc. NYMEX is the trademark of the New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other marks are the property of their respective owners. Each of Chicago Mercantile Exchange Inc. (ARBN 103 432 391), The Board of Trade of the City of Chicago Inc (ARBN 110 594 459), the New York Mercantile Exchange Inc (ARBN 113 929 436) and Commodity Exchange, Inc. (ARBN 622 016 193) is a registered foreign company in Australia and holds an Australian market licence.

This site does not constitute a prospectus, product disclosure statement or legal advice, nor is it a recommendation to buy, sell or retain any specific investment or to utilise or refrain from utilising any particular service. Readers should consult their legal advisors for legal advice in connection with the matters covered on this site.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2024 CME Group Inc. All rights reserved.