The Fuse
What are futures doing?
ES futures are down sharply again with the Industrials taking on the most water. Nasdaq is lower following a 3% down day but not as much, perhaps there is some relief later in the day. The SPX looks to open jus above support around 7640.
News
Europe followed the US markets lower, the STOXX down .6% led by steep losses in Germany and France. The FTSE fell as well. Crude oil is up, more than 100 per barrel while gold is getting smashed, down to 4043 per ounce. Silver is off as well, the dollar little changed. In Asia, Japan lost about 1% but Shanghai and Hong Kong were higher. Bund yields are falling, the 10 yr at it’s lowest level in 2 months at 3.31%, the US 10 yr rose to 4.99% after falling below 5% for the first time in a month.
Volatility
Volatility has been jumping around this week, the VIX closing in on 20. Remember last Friday on options expiration day the VIX closed exactly at 19.99, we’ll see if that is exceeded today.
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