The Fuse
What are futures doing?
Moderate gains for equity futures this morning but that can certainly change. Huge rallies the last couple of sessions have many dumbfounded and sitting on FOMO (fear of missing out). When these sideliners finally get in the game the market will likely reverse, but not yet.
News
Modest move high in Europe, the STOXX gained .2% but with better gains in France and Germany. US dollar is off .1%, the FTSE lost .3%, crude is down about 2% but gold and silver are rallying. Yields are falling again, German bunds off 4bps while US treasury yields down 2bps. Japan ripped higher by 5.5%, Hong Kong up a robust 1.7% and Shanghai up .5%.
Volatility
The VIX remains rather tame, finishing back under 18% yesterday. There was worry on Monday of an extension of the Iran War, oil rallied but then yesterday some progress was made and crude backed off, with it volatility slid. The 20 ma is now below the 200 ma, another buy signal for the markets.
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