The Fuse
Equity futures are bouncing around again this morning, down as much as 40 handles and up as much as 20. This is what happens in an uncertain environment and very low liquidity. Futures are down for now but that might change on a dime.
Stocks in Europe were modestly higher, the STOXX up by .1% with good gains in France. The FTSE also added .1%, gold is very slightly lower as is silver, crude oil is rallying near $115 as the war rages on, dollar index was flat. Yields are up with German bunds higher by 2bps, 10 YR US treasury yields up 1bp. In Asia, Japan was flat while Shanghai was up .3%.
Volatility is the name of the game here, the 20 ma on VIX continues to move higher, reflecting worry and nervousness over uncertain times. With VIX at 25% and the 20 ma around the same, expect good support. The 20 ma of VIX has been rising everyday since mid January.
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