Key Takeaways with Craig

US Equity prices wound up little changed but mostly lower on a relatively quieter day to begin the week.  The small-cap Russell 2000 was the only major US Index to record a gain on the day.  Implied volatility in CME’s E-mini S&P 500 and Nasdaq-100 options ticked lower and is trading very close to the year-to-date average closing level in both markets. 

Longer term US Treasury Yields were little changed on the day but the 2-Year Treasury Yield future was up by 4 basis points.  CVOL in the Treasury options was up slightly throughout the yield curve.  CME Energy markets were active, with WTI Crude Oil futures prices up by about 1.5% and Natural Gas higher by about 3%.

Cryptocurrency prices stole the show today, with Bitcoin futures up by 7.2% and Ether up by about 7.7%.  Both prices mark multi-year highs. The top two graphs below, generated by QuikStrike data, show the year-to-date price of Bitcoin and Ether.  The upper graph shows the futures closing price for both products, while the middle graph shows the price of Ether divided by Bitcoin, so an upward slope represents a relative increase in Ether versus Bitcoin.  The bottom graph illustrates the skew in both options products, using the 25 Delta Risk Reversal as a proxy.  

Today's Future Price Action

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