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?)

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But European stocks bloodbath'd below Friday's lows...

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And once Europe close today, US equities exploded...

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But everything started in US markets with the S&P 500 finding support perfectly at its 200-day moving-average...

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The Dow was the first to erase Friday's losses, followed by S&P and Nasdaq and Trannies into the close (Small Caps remained red from Thrusday)...

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Nasdaq outperformed - up 3.25% today!! All started as Europe closed...

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Today was the best day for The Dow in two-and-a-half years!! & 3rd Biggest Point Gain in History

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Small Caps managed to get back into the green for 2018 today along with Nasdaq but Dow, S&P, and Trannies remain red.

VIX tumbled back to a 20 handle but the term structure remains inverted...

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Big Tech was the big leader today with MSFT, AAPL, and NFLX soaring...all started as Europe closed...

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Facebook hit new cycle lows into a bear market... then exploded higher to close green!!!

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Banks rebounded nicely (but only JPM and GS managed to recover the Friday losses)...

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Energy stock rebounded even as WTI/RBOB slipped...

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But even as bank stocks jumped, bank credit kept screaming higher, tracking the lagged stresses in the dollar funding markets...

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Given the giant moves in stocks, Treasuries were largely unimpressed with 30Y yields up less than 1bps...

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For some context - 10Y Yields traded in a 2-3bps range all day... This is the 22nd straight session that 10Y Yield have closed with a 2.8x% handle.

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While stocks rebounded at the European close, the dollar index did not, tumbling to its lowest close since Feb 15th...

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The ruble was also hit hard and Russian stocks sank as globally sychnronized diplomatic expulsions struck investor appetite...MICEX is at 6-week lows...but as the dollar kept sinking so the ruble rebounded to end the day higher...

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It was an ugly day for cryptos with Bitcoin battered back below $8000 after headlines about Twitter banning crypto/ICO ads...

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Dollar weakness sparked a bid in PMs (with silver leading) but crude and copper disappointed...

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For now, Black Monday has been deferred...

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Bonus Chart: Everything reversed on the European close today... except the dollar which kept tanking. If we had to guess the dollar funding stress is crushing a European bank (cough Deutsche Bank cough) and once that market was closed, it eased the pressure on the rest of the US banking system... just take a look at what happened to EU and US banks...

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