At-a-Glance
Key Takeaways with Craig
Due to meeting schedules, we’re writing today’s Key Takeaways during mid-afternoon trading action, but so far, US Equity Indexes are trading mixed while Treasury yields are higher. Unlike yesterday though, implied volatility in CME Group Equity Index options traded higher today, as did the CVOL levels in Treasury options. Of course, this market action comes with the backdrop of continuing debt ceiling negotiations.
Metals markets were active at CME Group today as Gold traded down by nearly 1.5% and Copper was lower by over 2%. With today’s move, Copper futures prices have steadily declined by over 11% in the last month and CVOL levels are trading at one month highs, as you can see in the top CVOL graph below. The lower graph depicts the skew in Copper options which, despite a bit of an increase today, shows that during the last month, it has shifted from a Call to a Put skew as the price of the future has declined.
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