Scott Burrill - Market Notes

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Scott's notes
Scott's Market Notes

Off-the-Map

Jun 20, 2019

Global Markets are rallying, with the 10-year yield dipping below 2% last night, crude ripping higher, as well as Gold breaking out to multi-year highs.

Chair Powell left something for everyone at his press conference, while the FOMC Dot Plot is mixed. The Market currently expects 3 cuts through December. This is in sharp contrast from a year ago where 3 hikes were priced in.

Data Source:Bloomberg

So far, option markets have inefficiently priced risk with the SP500 rocketing past the weekly implied move of 41 points eclipsing 2928 towards a 2 sigma move. These moves have left many of our levels off-the-map.

Updated Levels.

All the best,

Scott

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