The Fuse
What are futures doing?
Futures are mixed as the SPX 500 tries to put in a winning session for the first time this week. High volatility and higher rates have been the problem so far but perhaps a respite comes today. There are important economic data points to be concerned with however and that may move markets this morning.
News
STOXX in Europe was down a bit led lower by losses in Germany and France. Global bonds suffered from a steep selloff, bunds and 10 yr US treasury yields higher. Gold is still correction, silver off a vbit as well, crude oil is back below $90. The US dollar rose last night. In Asia, Japan got pounded, off 2.85%, Shanghai down about 1% while Hong Kong was off .14%.
Volatility
VIX came off its lows and pushed higher but still remains rather low. At 16% and very low turnover days the stock market participants are not expecting anything too challenging. Yet, with seasonal trends in place and chance for testing more lower levels there is a chance for better buys ahead. A VIX above 19 would not be good for the bull case.
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