It was quite the move for Crude Oil futures as a tweet from President Trump suggested potential coorperation on a production cut, as Crude futures were continuing to slide. Crude futures jumped as much as 45% before fading half the move with the crude calendars spiking on the news before fading much of the move.
The front month calendar moved 160 ticks, and while crude futures have managed to hold on to some of its gains the front month spreads have seen retraced most of it.
Equities have had good two sided action, as we came into the US session with strong gains, a weaker IJC number saw a strong sell off before the oil comments pushed it back up again. We now trading roughly mid range as the markets chop.
The Dow-ES spread has remained steady, whilst the Nasdaq is underperforming. Overall spread action has been steady as the volatility spikes have died down, but the magnitude of the moves are still present.
Markets look weak still, and after the run up last week, seems like we going to probe lower, as businesses continue to layoff workers, and creidt lines continue to be drawn.
Equities have had good two sided action, as we came into the US session with strong gains, a weaker IJC number saw a strong sell off before the oil comments pushed it back up again. We now trading roughly mid range as the markets chop.
The Dow-ES spread has remained steady, whilst the Nasdaq is underperforming. Overall spread action has been steady as the volatility spikes have died down, but the magnitude of the moves are still present.
Markets look weak still, and after the run up last week, seems like we going to probe lower, as businesses continue to layoff workers, and creidt lines continue to be drawn.
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