Key Takeaways with Craig

And that’s a wrap on this third week of June that included the official first day of summer.  US Equity prices took a “breather” as they were slightly lower on the week, but the options market did not react strongly as implied volatility in CME’s Equity Index options was lower to near steady.  Here’s a price and volatility recap of the week using QuikStrike and CVOL data:

-        WTI Crude Oil futures prices were down by about 4% and trading under $70 per barrel.  CVOL ticked higher in the options markets.

-        Gold prices were down a bit, as was CVOL in the Gold Options.

-        CVOL in FX options ticked higher, but off of relatively depressed levels.

-        The Micro 10-Year vs 2-Year inversion deepened to over 94 basis points; almost the largest we’ve seen since the yield curve inverted.

-        Two of the historically more volatile products saw the biggest price moves;  Nat Gas rose 8% and Bitcoin futures were up nearly 20% on the week.  Implied volatility in Bitcoin options spiked and the Calls were bid over the Puts this week. 

Believe it or not, next week marks the last week of June trading as summer, at least for this author, begins to fly by again.  Have a wonderful weekend and we’ll be back next week!

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