At-a-Glance
Key Takeaways with Craig
US Equity prices fell again today as stocks have had a bit of a rough first two days of the quarter. While implied volatility in CME’s Equity Index options rose yesterday, it really popped today, particularly in the E-mini S&P 500 options where 30-day at the money vol increased from 11.26% to over 12.5%, as you can see in the upper graph below from QuikStrike. Of course, that is an increase from relatively low levels, but, as you can see, a substantial increase.
US Treasury Yields moved higher at the longer end of the curve, but this time, only by about 3 basis points. CVOL in CME’s Treasury options conitnued to rise as well.
CME’s commodity futures were active again today as Gold continued higher, as did WTI Crude Oil futures prices. Gold futures prices were up by about 1.75%, CVOL in the options reached levels last seen around October, 2023 and the skew is as high (Call skew) as it’s been in about a year. WTI Crude Oil futures prices were also up by about 1.75% to over $85 per barrel, the highest they’ve been since October of last year. Even though CVOL in the WTI Crude Oil options has increased over the last several days, it remains well below the 1-year average, while the skew has shifted to a Call skew over the last couple of weeks.
Finally, as we look toward the second half of the week, the ADP jobs report is expected out tomorrow at 7:15 AM central time tomorrow, Federal Reserve Chairman Jerome Powell is scheduled to speak a bit later and Friday will bring us the March Employment Siuation report.
Todays Featured Videos
Today's Future Price Action
Traders Resources
The information in the market commentaries have been obtained from sources believed to be reliable, but we do not guarantee its accuracy and expressly disclaim all liability. Neither the information nor any opinions expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts. The information on this site compiled by CME Group is for general purposes only. All information and data herein is provided as-is. Additionally, all examples on this site are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. CME Group assumes no responsibility for any errors or omissions. CME Group, its affiliates and any third party information and content providers expressly disclaim all liability with respect to the information and data contained herein including without limitation, any liability with respect to the accuracy or completeness of any data. You use the data herein solely at your own risk. All data and information provided herein is not intended for trading purposes or for trading advice. All matters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current rules should be consulted in all cases concerning contract specifications.
Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Due to the leveraged nature of futures trading and swaps trading, it is possible to lose more than the amount deposited in a position. Therefore, traders should not deposit more funds than they can afford to lose without negatively affecting their lifestyles. A trader cannot expect to profit on each trade, and should only devote a small amount of their available funds to each trade. All references to options refer to options on futures.
Past performance is not necessarily indicative of future performance.
CME Group, the Globe Logo, Chicago Mercantile Exchange, Globex and CME are trademarks of Chicago Mercantile Exchange Inc. CBOT is the trademark of the Board of Trade of the City of Chicago, Inc. NYMEX is the trademark of the New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other marks are the property of their respective owners. Each of Chicago Mercantile Exchange Inc. (ARBN 103 432 391), The Board of Trade of the City of Chicago Inc (ARBN 110 594 459), the New York Mercantile Exchange Inc (ARBN 113 929 436) and Commodity Exchange, Inc. (ARBN 622 016 193) is a registered foreign company in Australia and holds an Australian market licence.
This site does not constitute a prospectus, product disclosure statement or legal advice, nor is it a recommendation to buy, sell or retain any specific investment or to utilise or refrain from utilising any particular service. Readers should consult their legal advisors for legal advice in connection with the matters covered on this site.
