uploaded image

Nasdaq 100 Drifts Higher in Low Volume; Oil Hits Two-Month High

By:Thomas Westwater

Also, 30-year T-bond, gold, crude oil, and British pound futures

Nasdaq 100 E-mini, 30-year T-bond, gold, crude oil, British pound futures

  1. Nasdaq 100 E-mini futures (/NQ): +0.24% 
  2. 30-year T-bond futures (/ZB): +0.19% 
  3. Gold futures (/GC): +0.19% 
  4. Crude oil futures (/CL): +1.15% 
  5. British pound futures (/6B): -0.15% 

Yesterday’s listless, low-volume market environment has bled into today. Stocks are drifting higher amid a lack of news on the US-China trade talks front. B ut the negotiations have gone on a long time, which portends to a positive outcome. Treasury auctions come into focus the next several sessions, with 3s today, 10s tomorrow, and 30s on Thursday. Elsewhere, metals are taking a bit of a breather following a torrid run by silver to multi-decade highs, while crude oil is up for the sixth time in seven sessions, trading to its highest level since April 4. 


Symbol: Equities Daily Change 
/ESM5 +0.25% 
/NQM5 +0.24% 
/RTYM5 +0.87% 
/YMM5 +0.07% 



Stocks were slightly higher in early trading today as traders waited for more information on talks in London between Washington and Beijing. Nasdaq 100 futures were up 0.24% in the first hour of New York trading. Commerce Secretary Howard Lutnick said talks are ongoing, and he expects them to continue all day.

Taiwan Semiconductor Manufacturing (TSM) rose 2.5% this morning after the chipmaker reported a year-over-year increase for revenue in May. Vaccine makers were mixed this morning after Health and Human Services Secretary Robert F. Kennedy Jr. removed all members from a Centers for Disease Control and Prevention (CDC) advisory panel. GameStop (GME) is scheduled to report Q1 earnings after the bell today. 


Strategy: (45DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 20000 p 

Short 20250 p 

Short 23250 c 

Long 24000 c 

66% +1260 -3740 
Short Strangle 

Short 20250 p 

Short 23250 c 

72% +5340 
Short Put Vertical 

Long 20000 p 

Short 20250 p 

86% +445 -4555 



Nasdaq 100 E-mini futures (/NQ)




Symbol: Bonds Daily Change 
/ZTM5 -0.02% 
/ZFM5 +0.01% 
/ZNM5 +0.06% 
/ZBM5 +0.19% 
/UBM5 +0.3% 



Bonds continued to reverse some of Friday’s sell-off ahead of tomorrow’s consumer inflation data. Traders are also anticipating Thursday’s 30-year bond auction, which should offer clues on bond demand amid a volatile market backdrop. 30-year T-bond futures (/ZBU5) were up 0.61% in early trading. Meanwhile, the tax and spending bill working its way through Congress remains a key factor for traders to gauge how federal spending could affect the bond market. The Treasury is also scheduled to deliver a three-year note auction today. 


Strategy (59DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 1.335 p 

Short 1.34 p 

Short 1.365 c 

Long 1.37 c 

28% +218.75 -93.75 
Short Strangle 

Long 1.335 p 

Short 1.34 p 

55% +1318.75 
Short Put Vertical 

Long 1.335 p 

Short 1.34 p 

70% +112.50 -200 



30-year T-bond futures (/ZB):




Symbol: Metals Daily Change 
/GCQ5 +0.19% 
/SIN5 -0.55% 
/HGN5 -0.25% 



Gold futures (/GCQ5) were slightly lower in early trading after giving up modest earlier gains. Traders have held prices above the 3,300 level but last week’s one-month high was conceded after US jobs data crossed the wires on Friday. China continued to buy gold in May, according to the People’s Bank of China (PBOC). The buying continued despite high prices, underscoring Beijing’s appetite to diversify its reserves. The outcome of trade talks between the US and China are in focus for precious metals.  


Strategy (48DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 3300 p 

Short 3305 p 

Short 3410 c 

Long 3415 c 

20% +400 -100 
Short Strangle 

Short 3305 p 

Short 3410 c 

56% +12040 
Short Put Vertical 

Long 3300 p 

Short 3305 p 

60% +210 -290 



Gold futures (/GC)



Symbol: Energy Daily Change 
/CLN5 +1.15% 
/HON5 +1.02% 
/NGN5 -2.01% 
/RBN5 +0.61% 



Crude oil futures (/CLN5) rose over 1% this morning to extend recent gains as optimism over trade talks underway in London between the US and China appeared to prevail. Reuters reported Saudi oil shipments to China will be about 1 million barrels lower in July than the previous month. A Reuters survey also found the May increase in oil output from OPEC was limited. Traders have their focus on the weekly inventory report from the American Petroleum Institute (API) due today.   


Strategy (66DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 61.5 p 

Short 62 p 

Short 66.5 c 

Long 67 c 

21% +360 -140 
Short Strangle 

Short 62 p 

Short 66.5 c 

52% +4750 
Short Put Vertical 

Long 61.5 p 

Short 62 p 

57% +200 -300 



061025_Five Futures_CL.png



Symbol: FX Daily Change 
/6AM5 +0.07% 
/6BM5 -0.3% 
/6CM5 +0.02% 
/6EM5 +0.02% 
/6JM5 -0.15% 



British pound futures (/6BM6) were slightly weaker as traders digested data from the United Kingdom that showed some signs of weakness in its labor market. The United Kingdom’s unemployment rate rose to 4.6%, a nearly three-year high. Wages also showed some signs of slowing, putting a question mark over the British economy. Meanwhile, currency traders are waiting for results from several Treasury auctions due this week, specifically the 30-year bond auction later this week.  


Strategy (59DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 1.34 p 

Short 1.345 p 

Short 1.365 c 

Long 1.37 c 

24% +231.25 -81.25 
Short Strangle 

Short 1.345 p 

Short 1.365 c 

55% +1443.75 
Short Put Vertical 

Long 1.34 p 

Short 1.345 p 

67% +125 -187.50 


British pound futures (/6B)


Thomas Westwatera tastylive financial writer and analyst, has eight years of markets and trading experience. #@fxwestwater
For live daily programming, market news and commentary, visit tastylive or the YouTube channels tastylive (for options traders), and #tastyliveTrending for stocks, futures, forex & macro. 
Trade with a better brokeropen a tastytrade account today. tastylive Inc. and tastytrade Inc. are separate but affiliated companies. 


Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.

Related Posts

tastylive content is created, produced, and provided solely by tastylive, Inc. (“tastylive”) and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. tastylive is not in the business of transacting securities trades, nor does it direct client commodity accounts or give commodity trading advice tailored to any particular client’s situation or investment objectives. Supporting documentation for any claims (including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.  Options, futures, and futures options are not suitable for all investors.  Prior to trading securities, options, futures, or futures options, please read the applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange-Traded Options Risk Disclosure found on tastytrade.com/disclosures.

tastytrade, Inc. ("tastytrade”) is a registered broker-dealer and member of FINRA, NFA, and SIPC. tastytrade was previously known as tastyworks, Inc. (“tastyworks”). tastytrade offers self-directed brokerage accounts to its customers. tastytrade does not give financial or trading advice, nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of tastytrade’s systems, services or products. tastytrade is a wholly-owned subsidiary of tastylive, Inc.

tastytrade has entered into a Marketing Agreement with tastylive (“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’s brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade. tastytrade and Marketing Agent are separate entities with their own products and services. tastylive is the parent company of tastytrade.

tastycrypto is provided solely by tasty Software Solutions, LLC. tasty Software Solutions, LLC is a separate but affiliate company of tastylive, Inc. Neither tastylive nor any of its affiliates are responsible for the products or services provided by tasty Software Solutions, LLC. Cryptocurrency trading is not suitable for all investors due to the number of risks involved. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero.

© copyright 2013 - 2025 tastylive, Inc. All Rights Reserved.  Applicable portions of the Terms of Use on tastylive.com apply.  Reproduction, adaptation, distribution, public display, exhibition for profit, or storage in any electronic storage media in whole or in part is prohibited under penalty of law, provided that you may download tastylive’s podcasts as necessary to view for personal use. tastylive was previously known as tastytrade, Inc. tastylive is a trademark/servicemark owned by tastylive, Inc.