Key Takeaways with Craig
I’m not sure if March came in like a Lion or Lamb, as the Dow Jones Industrials and Russell 2000 notched small gains while the S&P 500 and Nasdaq fell. However, US Treasury jumped again with the Micro 2-Year Yield futures up by another 16 basis points and the Micro 10-Year up by another 8.5. At nearly 4%, it is the highest read we’ve seen in the Micro 10-Year since November of last year. As you can see in the CVOL image below, the implied volatility in the 2-Year (orange line) and 10-Year (blue line) options has reached the highest level since mid-December.
In CME’s commodity markets, grains futures prices were mostly higher, WTI Crude Oil futures prices were up by about 1%, Natural Gas prices were up by about 2.7% and Copper prices were up by 2%. The aggregate CVOL index in Metals, Energies and Ags all rose slightly on the day.
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