A full-court press weekend of press by WH officials (Mnuchin gushing hope) and sure enough… a big bounce in stocks…
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China stocks rebounded in the afternoon session (National Team again?)
But European stocks bloodbath'd below Friday's lows…
And once Europe close today, US equities exploded…
Nasdaq outperformed – up 3.25% today!! All started as Europe closed…
Small Caps managed to get back into the green for 2018 today
VIX tumbled back to a 20 handle but the term structure remains inverted…
Big Tech was the big leader today with MSFT, AAPL, and NFLX soaring…all started as Europe closed…
Facebook hit new cycle lows into a bear market… then exploded higher to close green!!!
banks rebounded nicely (but only JPM and GS managed to recover the Friday losses)…
Energy stock rebounded even as WTI/RBOB slipped…
But even as bank stocks jumped, bank credit kept screaming higher, tracking the lagged stresses in the dollar funding markets…
Given the giant moves in stocks, Treasuries were largely unimpressed with 30Y yields up less than 1bps…
