The Fuse
What are futures doing?
Another rough start to the morning but not for the industrials, which are pushing higher following some strong earnings. JPM, GS and UNH are the first three to hit for the Dow 30 and they are moving the market upward. We’ll see how the rest of the day goes, tech is getting sold off hard again.
News
We saw gains overnight from Europe with STOXX up .2% led higher by France and Germany. FTSE was up modestly. Dollar was flat, gold and silver barely moved while crude fell nearly 1%. In Asia, Japan was down hard, about 2% while Shanghai rose slightly, Hong Kong closed. Bunds in Germany were up nicely as yields fell, same. for the US 10 year treasury yield.
Volatility
Volatility remains low but it IS earnings season, so no big reason to get bearish just yet. We are in a seasonally strong period now but that hasn’t seemed to matter much, in these slow motion corrections. VIX at 15% is still quite low.
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