Scott Burrill - Market Notes

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Mixed Signals

Aug 12, 2019

We begin the new week with mixed signals.

The short-term Bias is Up and the Weekly Trend is Down.

Volatility has not abated and is currently in backwardation with risk greater in the short-term than long-term. The Weekly SP500 Option Implied Move is similar to last week at + / - 58 points or 17.71% implied volatility, with expected ranges of 2977.17 and 2860.13.

Whereas, key sectors like Financials (XLF) have an implied volatility of 27.12%. Financials will continue to trade in sympathy with yields.

Implied Correlation keeps us focused on Macro Factors with a relatively light Economic Calendar as Earnings Season is winding down.

Updated Levels.

Have a great week.

All the best,

Scott

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