Key Takeaways with Craig

Well that’s a wrap for August and, for those in the US, nearly a wrap on our summer as we prepare to celebrate the Labor Day holiday this weekend.  After an end of month rally over the last several days, US Equity Index prices still wound up lower than they were at the end of July, but only by about 2%.  We’ve recapped the monthly net price and volatility changes in some of CME’s major products in a format that should be familiar to regular In FOCUS readers below:

  • As we noted above, CME Equity Index prices were lower by about 2% while implied volatility in E-mini S&P 500 options rose a bit and fell slightly in E-mini Nasdaq-100 options.  With the decline over the last week, implied volatility in E-mini Nasdaq-100 options is trading near one-year lows.
  • WTI Crude Oil futures prices continued higher while the CVOL level in the options fell and is trading near 3+ year lows.
  • Gold futures prices fell slightly, as did CVOL which, similar to WTI Crude Oil, is trading at low levels relative to the last several years. 
  • Treasury yields rose during August and the longer end of the curve rose relatively more than the short end as evidenced by the reduction in the magnitude of the 2s vs 10s inversion.  However, earlier in the month, that difference had fallen to under 60 basis points. 
  • CVOL in CME’s grains options markets fell dramatically on the month. 

 Have a wonderful night and we’ll be back to recap the week tomorrow!

Today's Future Price Action

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