Volatility is HIGH + 03.16.2023 Trading Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Trade June indices as well as June currencies!
What Traders need to Know to Finish the Trading Week:
By Mark O’Brien, Senior broker
Crude oil futures prices plunged more than $5.50 a barrel intraday today – touching a low of $65.65 (basis April) – to their lowest in more than a year as news that Credit Suisse’s biggest shareholder, Saudi National Bank, said it would not make further investments in the firm, sending the Swiss lender’s stock plunging ±27% and adding to the already extreme turmoil in the banking sector from the collapse of Silicon Valley Bank and Signature Bank last week here in the U.S.
In turn, gold futures prices climbed over 1% intraday with the April contract topping $1,942.50 per ounce intraday, it’s highest price since early February. Conversely, Copper futures lost ±11 cents / pound – over 4% intraday – with the May futures contract touching $3.84 / lb. matching prices from early January and extending a near month-long ±40-cent / $10,000 decline.
Not surprisingly, with the banking sector hitting rough seas this last week, treasuries have once again assumed their safe-haven status with the 30-yr. T-bond futures contract soaring ±10 full basis points ±$10,000 over the last nine trading days to March 3 and sending the benchmark 10-year Treasury note yield tumbling to near 3.5%
Significant volatility looks to be the order of the day for the near term across the major financial futures sectors – stock indexes, interest rates, currencies – as well as metals and energies. Up next, the FOMC meeting this coming Tuesday/Wednesday.
Be Careful out there, Plan your trade and trade your plan!
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Futures Trading Levels
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