At-a-Glance
Key Takeaways with Craig
After a quiet beginning, the week went out with a bang as the markets reacted to the FOMC decision on Wednesday afternoon and today’s much-stronger-than-anticipated January Employment report. US Equity Index prices initially broke on the report but then rallied during the day before declining to end broadly lower. Despite the decline in stock prices, implied volatility in CME’s Equity Index options was near steady on the day. Micro US Treasury Yield futures were up sharply, as was the US Dollar in CME’s FX markets and Gold futures prices were down by over 2.5% in a very active day in financial and commodity markets.
Since we didn’t recap January earlier in the week, we thought it would make good sense to take a look at net price and volatility changes so far this year in some of CME’s major products using QuikStrike and CVOL data.
- Even with today’s increase, the Micro 10-Year Yield is down by nearly 9% on the year; implied volatility in the options has come off.
- Natural Gas futures prices are down 46% on the year while CVOL levels are near steady.
- Despite today’s substantial price decline, Gold futures are still up 3% on the year.
- WTI Crude Oil prices have fluctuated throughout the month, but with today’s decline, are down 9%
- Even after today’s price declines, Equity Indexes have moved sharply higher, particularly the Nasdaq, while implied volatility in the options has come down.
So, that’s where we stand one month into 2023. We wish our readers a nice weekend and we’ll see you back here on Monday!
Todays Featured Videos
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.
