At-a-Glance

Key Takeaways with Craig

US Equity Index futures prices were higher overnight and the cash equity markets opened higher, but, as of early afternoon action, all four major US Indexes were trading slightly lower.  According to CME Micro Treasury Yield futures, treasury yields were little changed on the day, though the 30-Year was down by about 5 basis points. 

Other notable price moves in CME markets include Natural Gas futures, which were down by about 4%, Silver futures, down by about 1.5% and Copper futures were up by about 1%.

In the absence of major price or volatility moves today, we thought we’d take a look at current volatility levels relative to the last 12 months using CVOL data.  The five graphs below use CVOL data to illustrate the vol levels in Treasuries, Ags, Energies, Metals and FX options markets.  Remember, one of the valuable elements of CVOL is that it calculates broader based volatility indexes (as shown below) in addition to volatility indexes for specific, individual products.  Comparing the current CVOL levels to the average closing level over the last 12 months we find:

  • Energy:  Current 65.8     | 1-Year Average Closing Level 74.8          | Current vs Average -12%
  • Metals:  Current 16.6     | 1-Year Average Closing Level 19.2          | Current vs Average -14%
  • Treasury:  Current 125   | 1-Year Average Closing Level 141           | Current vs Average -11%
  • FX:  Current 9.44              | 1-Year Average Closing Level 10.9         | Current vs Average -13%
  • Ags:  Current 18.5            | 1-Year Average Closing Level 28.4         | Current vs Average -35%

As you can see, after a particularly volatile year in 2022, vol levels, though perhaps still elevated relative to historical norms in some cases, are down versus the last 12 months.  

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.