Key Takeaways with Craig

After another volatile week, which saw reports of higher-than-expected prices and lower-than-expected growth (GDP) US Equity Indexes traded sharply higher today to end the week with strong gains.  Also, after some back and forth, US Treasury Yields wound up just slightly higher.  CME’s FedWatch tool also reflects tempered expectations of a cut to the Fed Funds target rate than it showed a week ago.  Despite all this, CME markets generally ended the week trading at lower volatility, as shown in our weekly recap below that was compiled using CVOL and QuikStrike data. 

  • CME’s E-mini S&P 500 futures price was up by about 2.5% and the Nasdaq-100 was up by around 4% on the week, while implied volatility in the options fell from recent highs to trade near the 12-month average. 
  • WTI Crude Oil futures prices remained range-bound, though CVOL fell by about 13% and are near 1-year lows.
  • After an historic rally that we wrote about extensively, Gold futures prices were down by about 3% on the week while CVOL continued to trade lower.
  • Natural Gas futures prices fell by about 3% and are approaching 3-year lows, as you can see in the graph below our chart. 

We hope all of our In FOCUS readers have a safe and happy weekend and we’ll be back on Monday to report on whether the market can sustain this momentum into May, during a week that will bring us an FOMC meeting and April jobs report!

Traders Resources

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