Key Takeaways with Craig

US Equity indexes began the first full week of December trading mixed, as the small-cap Russell 2000 index was up by about 1% and the technology-heavy Nasdaq was down by about the same.  US Treasury yields, after falling in November, were higher with the Micro 2-Year Yield Treasury future up by nearly 8 basis points and the Micro 10-Year up by about 3 bps. 

Elsewhere at CME Group, WTI Crude Oil futures prices were down by about 1%, Nat Gas declined by another nearly 4% and Gold futures prices, after hitting recent highs earlier, finished down by about 2%. 

Even as the recent rally in US Equities (today notwithstanding) has coincided with a decline in CME Equity Index options volatility, many of the other asset classes are seeing increased vols as we head into the year-end.  We used CVOL (where available) and QuikStrike to graph the last 6 months of implied volatility in 8 of CME’s major products.  The orange line in the graphs below represent the average closing level over the last six months.  As you can see, only in the two Equity products and Corn is implied volatility trading below the six-month average. 

Looking ahead at the upcoming week, we have the ADP jobs report on Wednesday, Challenger Job-cut report on Thursday, and the November Employment Situation and USDA supply/demand reports (WASDE) on Friday.  

Today's Future Price Action

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