Key Takeaways with Craig

Despite trading mixed to end the week today, US Equity Indexes wound up higher on the week after softer than expected inflation numbers were released.  And, even though Treasury yields were higher today, they declined materially on the week.

Here is our weekly recap in a format familiar to regular In FOCUS subscribers using CVOL and QuikStrike data.

-        As we said, US Equities rallied on the week while implied volatility in the options markets declined.  In fact, in the E-mini S&P 500 options, vol was down a relative nearly 11%.

-        WTI Crude Oil futures prices rose while CVOL is trading near 18-month lows.

-        The Micro 10-Year Treasury Yield future declined by over 20 basis points while the magnitude of the 2s versus 10s inversion widened by about 6 basis points.  CVOL levels in CME’s Treasury Options came off substantially this week.

-        Grains were active this week after the WASDE report was released with CVOL levels rising in Soybean options and declining slightly in Corn.

-        Finally, Bitcoin wins the award for more action than the net changes in price and vol reflect.  After rising sharply yesterday, Bitcoin futures prices fell today and wound up near steady on the week. The daily price graphs show much more price action than this summary though.

We wish all of our In FOCUS readers a happy and safe summer weekend (for those of you in the Northern Hemisphere) and we’ll be back on Monday to begin reporting on the second half of July. 

Today's Future Price Action

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