Key Takeaways with Craig

I guess we’ll call that coming in like a lamb for the US Equity markets as stock prices rose today to finish the week with modest gains.  The E-mini S&P futures price rose by nearly 2% on the week and the Nasdaq-100 was up by over 2.5%.  Treasury yields were near steady on the week but only because of today’s substantial decline; the Micro 10-Year was down by over 11 basis points and the 2-Year down by about 7.5.  Once again, we’ve recapped the weekly net price and volatility changes in some of CME’s major products using CVOL and QuikStrike data in the chart below.

  • Interestingly, implied volatility in the E-mini S&P 500 options rose, even as the price rallied, but fell significantly in the E-mini Nasdaq-100 options.
  • After today’s 2% price rally, WTI Crude Oil futures prices were up by over 4% on the week though the CVOL level came off by about 8%.
  • The price of Gold futures rallied but implied volatility in the options markets continued to decline. The CVOL level is currently the lowest we’ve seen it in at least a year. 
  • As we said earlier, the Micro 10-Year Yield was little changed on the week but implied volatility in the options moved higher.
  • Natural Gas futures prices remain volatile and saw a 17% rally this week after weeks of declining prices to begin 2023. 

We wish all of our In FOCUS readers a happy and safe first weekend in March and we’ll see you on Monday!

Today's Future Price Action

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