It's Monday, June 15, 2020, just after market closed in New York. This is the Real Vision Daily Briefing.

I'm Ash Bennington in New York, joined shortly by our managing editor, Ed Harrison, near Washington, D.C.

But first, Jack Farley with a look at market stories.

Jack.

Thanks, Ash.

Investors were bracing for a nose dive as they observed the futures plummet last night into the morning,

but US stocks have paired losses so far and all three major US indices are actually up on the day.

The S&P 500 slid below its 200 day moving average on Thursday,

and it remains there despite today's snapback.

The put-to-call ratio slid down for the day,

as did VOL and VOL of Vahl, but all three remain elevated, indicating that

investors are hedging their tail risk.

Zooming in further into the option space, Skew has gotten steeper.

It's normally downward sloping for equities but it's gotten more extreme and we're not

seeing as much of the volatility smile that characterized much of the bull run. In other news the

dollar slid down today depreciating against most of the world's major currencies. But there's over a hundred billion in

currency swaps that expires just this week, and that could exert some upward pressure on the

dollar as well. Meanwhile, oil staged a rebound with W.T. I and Brent both up on the day, but it could be too little too late for the small oil and gas producers who are levered to the hilt, many of whom have been pushed by wary lenders into selling all of their commodity risk up front.

So this price appreciation isn't necessarily a panacea for them.

Meanwhile, banks are slashing credit to producers as weaker players in the space are prepping for bankruptcy.

J.P. Morgan recently forecasted that asset-backed loans to oil and gas producers could decrease by up to 30%.

And the worst part is these companies might not get a bailout from the government,

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