Stocks were sharply lower to start what we like to call Turnaround Tuesday.

Then what passes for the 2:15 Buy Program Express kicked in and stocks launched a powerful turnaround based on literally nothing at all.

Does somebody know something we commoners don't know? Possibly. But the HFTs may just be messing with us for fun and short-term profits.

Or, is Yellen & Co going to offer some drama in testimony to the legislatures Wednesday and Thursday? There were rumors from traders the Fed will launch Operation Twist part 2, which given the intent of such an action, would seem counter to their overall plans. The rumblings from the globe indicate negative interest rates (NIRP) may be offered to stem the bleeding.

Speaking of NIRP and where these policies are now in place, that market declined nearly 5% just Tuesday. So, how's that working for them? Clearly not! So should the Fed do this and save the stock market. That wouldn't seem logical would it?

Again, words fail me.

Still confounding investors in Europe is the ongoing pressure on Deutsche Bank with we highlighted in yesterday's commentary. Another cause for the afternoon rally was centered on a desperate proposal by the bank to buyback debt using existing liquidity as FT notes below.

“The plan doesn't involve Deutsche's Co, which have come under heavy pressure over the last several days with yields soaring as the market increasingly doubts the bank's ability to make good on its subordinate debt. Deutsche will need to make coupon payments in April.

 “Deutsche Bank has plenty of scope for a bond buyback, with €220bn of liquidity reserves,” FT notes. Of course the bank's liquidity position will be diminished thanks to the buyback and the buyback is only necessary because the market is concerned about the bank's liquidity. So there's a bit of a chicken-egg scenario going on with this truly absurd attempt to calm markets by reducing debt.”