US Stocks were relatively quiet overnight (relative to recent history and relative to other asset-classes today) as traders await July CPI and Retail Sales data later this week, as well as earnings reports prints from bellwethers including Walmart and Home Depot.
Small Caps and The Dow were the sessions laggards with Nasdaq and the S&P basically unchanged...
ASX 200 futs are up just 8 points.
Gold (again) managed a new record high this time USD$2,511 so this should translate into more price pumps on the listed gold stocks.
Meanwhile, Crude prices also exploded higher overnight amid geopolitical tensions with WTI topping USD$80 for the first time in three weeks...
Finally, it's worth noting just how dramatically inverted the S&P 500's vol term structure is...
Source: Bloomberg
With VIX liquidity at or near record lows, and gamma negative, there's still plenty of room for chaotic swings before NVDA's earnings due on the 28th.
Happy Tuesday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
