The Fuse
What are futures doing?
Futures markets are trying to regain some of the losses from Thursday’s turnaround. Can’t go up everyday, that is why you need some protection on at all times. Regardless, the markets remain in bull mode here and could finish the week at all-time highs, which would be meaningful for next week’s action.
News
While the US futures are higher stocks in Europe were down, the STOXX off .8%, led down by sharper declines in France and Germany. The FTSE in England was down similarly. Gold is rising a bit as is silver, oil is backing away but remains within striking distance of $100. The dollar index fell .1%. Yields in Germany climbed 2bps as inflation continues to be an issue, 1o yr US treasury yields dipped 1bp. Japan was down slightly, off .2% while Hong Kong also fell .8%.
Volatility
Curiously, the markets fell yesterday but so did the VIX, which remains around 17%. I’m not sure if there is a bid at this level due to the remaining uncertainty (war, jobs report, earnings) but no doubt the market players are not immune to taking some risks. If that complacency continues for awhile it may get dangerous.
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