Dead-Cat-Bounce Dies: WTI Back Below $57, US Stocks Give Up Gains, Europe Red Year-To-Date

UPDATE: Standard USDJPY -driven momo bounce off various support levels for S&P…

Well that escalated quickly… again. While credit markets were not buying the dead-cat-bounce in stocks and oil this morning (Energy HY >1000bps, HYCDX >400bps), financial media was cock-a-hoop… “the bottom is in.” Well we have a new bottom. WTI Crude futures have tumbled back to the scene of the manipulative algo crime last night back below $57. European stocks are under pressure and are now once again negative year-to-date and US stocks have given up all the overnight and US opening exuberance gains – now red from Friday.