The Fuse
Morning Futures
SPX 500 futures are slightly lower this morning as traders pause a bit following a massive run higher. The SPX 500 has been up about 9.8% over the past 10 days, a staggering run similar to 2020 when Covid struck down the markets and then rallied smartly. The trend is up now but expect some pullbacks with some buying opportunity.
News
Mostly flat across Europe with STOXX only up by .1% but France was off sharply, down .5%. FTSE was higher by .2%, the US dollar indext flat, gold slightly down as is silver. Crude oil rallying after a few down sessions. German bund yields down 1bp, in Asia Japanese stocks were higher by .4%, Hong Kong up .7%.
Volatility
Market volatility continues to slide lower as volatility sellers take their place. The VIX has fallen sharply over the last 10 trading days reflecting an easing in the Middle East conflict. We need to be a bit more concerned about complacency if the VIX runs to 16% or so.
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