The Fuse
What are futures doing?
Futures started off higher this morning but the bid disappeared following some headline news on the Iran War. Such is life! We had a nice bull run yesterday, we’ll see if it continues.
News
Another modest drop in Europe with STOXX down .2% led lower by decreases in France and Germany. The FTSE was off .4%, the dollar climbed .2%, crude oil is higher but gold and silver are off a fraction. Yields are mixed, German bunds fell 1bp but US 10 yr treasuries up the same amount. In Japana robust gain for the Nikkei, up 3.1%, but China got rocked as Hong Kong lost 1% and Shanghai down 2%.
Volatility
Look for the VIX to make a retreat later in the week, either today or tomorrow unless some news pushes traders to buy some short term insurance. In front of a holiday weekend we often see volatility sellers emerge and that would mean markets might jump higher. Not far off the low levels in the vix here.
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