The Fuse
What are futures doing?
Quiet start for the futures this morning after Monday’s very strong trading session. ES futures up small but Nasdaq is pushing higher, trying to plant a followthrough day.
News
More positive from Europe with the STOXX higher by .5% led by gains in France and Germany. The FTSE was modestly higher. In Asia, the Nikkei ripped higher by 1.3%, Hong Kong up .6% and Shanghai flat. Gold and silver continue their corrective move, crude oil trading at $90 while the dollar was modestly lower. Bund yields continue to fall, now at 3.45% while 10 yr US treasuries are slightly down to 4.94%.
Volatility
VIX was the big story, flat most of the session but did manage to rise about 1%. Significant? It could be, considering the strong move and the market’s propensity for not following through. The fear index remains under 15% and that still shows strong complacency, a danger sign.
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