Monday Humor...

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Emerging markets are crashing, Italian capital markets are imploding, European money-markets are getting anxious, US bonds and the dollar do absolutely nothing... but The Dow spikes 300 points...(thanks to Boeing et al)

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....On the basis of Steve Mnuchin proclaiming a ceasefire in the trade war...

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Futures show the malarkey better with the insta-lift at the Sunday open, another momo ignition at the US open, a dump at the European close...

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Italy stole the headlines in Europe... As Peter Boockvar pointed out so eloquently, the Italian 2 yr yield has given back 3 years of monetary suppression in 6 trading days.

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And Italian banks are a bloodbath still...

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The last month has seen EU banks massively underperform US banks...

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Tesla was tumultuous - ripping on Musk's high-end Model 3 comments, dropping on Consumer Reports and yet another crash... but bonds weren't buying any of it...

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Media types were excited about The Dow breaking 25k...VIX was pressured each time...

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Another day another short squeeze at the open...

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Treasury yields traded in a very narrow range going nowhere on the day...

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The yield curve extended Friday's flattening trend...

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The Dollar roundtripped to end the day unchanged...

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Emerging Market FX actually managed a gain today (but don't get too excited)

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But the Turkish Lira continued its carnage...testing a record low 4.6/USD today

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Cryptocurrencies had a decent weekend but Monday morning blues sent them lower...

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Gold ended the day unchanged (silver outperformed) but copper and crude rallied (trade hope)

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Finally we note that stocks and credit have decoupled again...

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Credit and equity protection costs are also decoupled...

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