The Fuse
What are futures doing?
A very powerful Monday rally but it might be all for naught if there is not followthrough. Inflation report from the CPI is out this morning. ES futures are up modestly, Nasdaq is down but the Industrials are up strong again.
News
Good follow-on moves in Europe, the STOXX up a solid 1.23% led by gains in France and Germany. FTSE was higher by .4%. Gold is lower as is silver, crude oil down as well into the mid 80’s again. Japan finished nicely higher, up 2.3% while Shanghai and Hong Kong with modest gains. Bund yields fell, lowest level in six weeks while US 10 yr edged up to 4.88%.
Volatility
VIX fell sharply, down more than 20% on a day the indices flourished. Sellers of volatility came out of every corner and hit the VIX hard, now below 20%. Rallies in volatility have been sold vigorously for a few years.
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