The Fuse
What are futures doing?
Another mixed and quiet session for futures as the Nasdaq is taking the most punishment, albeit small. Industrials are rallying nicely. Not expecting too much movement here as volatility remains buried but oil prices up sharply again.
News
Europe was mixed overnight with the STOXX down .24%, Germany was flat but France down modestly. The US dollar fell, seeing strength early in crude oil, gold and silver while bonds are slightly on the long end of the curve, 4.78% for the US 10 yr. Global bond selloff stalled last night, bunds were about flat. In Asia, Japan was down about .8%, Hong Kong sliding .44% but Shanghai was flat.
Volatility
Pretty big move down in the VIX yesterday but not matched but strength in the market indices. Being at 15% in front of a long weekend is quite normal but it is the payback that may occur next week with a down session that should be concerning for the bulls. Not much to drive markets next week but the markets will be gearing up for an important Fed meeting mid-month..
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