The Fuse
What are futures doing?
A quiet morning for equity futures, all the action was overnight after the moderate selloff following the Sunday open. It was not a huge giveback, the uptrend remains in tact as traders brace for some volatility this week – the Fed meeting, huge earnings and end of month trading.
News
Markets across the globe are mixed, the STOXX index up .1% only but better gains in France and Germany. The FTSE was flat, US dollar index down .1% while crude oil is rising. Gold and silver with modest losses. Yields are climbing, the German bunds up 2bps with 10 yr US treasury up 1bp. Stocks in Asia mixed, Japan robust gains up 1.4% but Hong Kong down .2%, Shanghai up .2%.
Volatility
The VIX remains under pressure but as said recently the 18 level is very stubborn. Vol sellers are hesitant to drive the VIX below this point for fear of some backlash volatility buyers showing up. But, as long as the VIX remains steady it is ‘green light go’ for the bulls.
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