The Fuse
What are futures doing?
After a disappointing finish to the month/quarter the ES futures are trying to rally a bit, modest gains across the board. The new month starts with Micron earnings last night, another blowout quarter for the DRAM maker that may help drive some investors/traders into the tech trade.
News
Very poor action in Europe with STOXX down .7% led lower by losses in France and Germany. The FTSE was also lower. Gold and silver are rallying modestly, crude oil is up about 1.8% and the dollar was flat. German bund yields rose again, reaching 3.63% while 10 yr US treasuries climbed to 5.34%, highest since 2002. In Asia, Japan was up 2.5% while Hong Kong was up a fraction.
Volatility
Volatility remains low, the VIX slightly higher this morning as we need to see a bit more life in the fear index. If this can get a jump there is a good reason to eventually get long, it’s not right now.
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