The Fuse
What are futures doing?
A different open this morning with the futures up strong, Nasdaq carrying the weight after robust earnings from SpaceX. Industrials had a really nice day yesterday and are up modestly here, small caps a fractional gain but that may improve if yields fall more.
News
Good turnaround for the European issues, the STOXX up .58% led by strong gains in Germany and France. FTSE mostly flat. Gold is fractionally higher as is crude oil, silver modestly lower. The US dollar is steady. In Asia, Japan saw a nice 1% gain while in China stocks were lower (Shanghai and Hong Kong). German bund yields were volatile, first down then back up settling at 3.41%. US 10 yr treasury yields at 5.11% after settling Tuesday at 5.15%
Volatility
VIX is still elevated as it should be in front of earnings and the midterm elections. November is now front month the VX future and there is only a modest spread between vix cash and that future, about 80 cents. We’ll see if more traders seek protection and take the VIX upward today.
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