At-a-Glance

Key Takeaways with Craig

US Equity prices began the week mixed as the Nasdaq was up by 1%, the S&P 500 was up slightly, the Dow was close to unchanged and Russell 2000 declined a bit.  Implied volatility in CME Group’s Equity Index options was near steady on the day as the market awaits tomorrow’s Retail Sales report and Wednesday’s release of the minutes from the last FOMC meeting. 

In the Treasury markets, CME’s Micro 2-Year Yield Treasury future was up by about 6 basis points (bps) while the 10 and 30 -Year were up by just 2 bps.  CME’s FedWatch tool did not reflect much of a change from Friday through the rest of the year.  The Fed Funds futures market continues to price in no further rate cuts in 2023. 

Despite a relatively quiet day in CME’s financial and commodity markets, CVOL levels in most products traded higher today.  As you can see from the CVOL Dashboard excerpt below, the aggregate CVOL level in all five asset classes (Interest Rates, Energies, G5 FX, Ags, Metals) increased today and it also increased in almost every individual product.  However, we should remember that these are increases from relatively low levels, as we’ve discussed in this column lately.  

Today's Future Price Action

Traders Resources

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