Key Takeaways with Craig

US Equity Index futures prices rose overnight but equity prices fell throughout the day to close mostly lower, though the Nasdaq managed to close higher after strong earnings from tech companies were announced yesterday.  Implied volatility in CME Group’s Equity Index options was little changed on the day.  Micro Treasury Yield futures contracts were little changed on the day, as was the CVOL level in Treasury options. 

CME Group Energy futures markets were active again with WTI Crude Oil down by another 3.6% and by over 10% in the last two weeks.  Implied volatility in the options markets, as defined by the CVOL level, has risen over the last couple weeks as the price has declined, up by about 18% in that time. 

Bitcoin futures prices at CME Group were up by nearly 9% earlier in the day, but nearing the cash equity close, were trading higher by just about 1% on a day that saw a large daily price range.  Implied volatility in the Bitcoin options market was higher on the day and, earlier in the day, when prices were up sharply, the out of the money Calls expiring in 30 days were trading at a higher implied volatility level than the out of the money Puts for the first time in over a week.  However, with the price break this afternoon, the Puts gained on the Calls and were trading just slightly higher at the end of the day.  We’ve illustrated this in the QuikStrike risk reversal graph below. 

Looking ahead, tomorrow gives us the US GDP report which will provide the latest reading on the health of the US economy.  

Today's Future Price Action

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