Everything was calmly elevating just how the central banks want it... and then Iran headlines hit... "Don't Panic"...

Video length: 00:00:10

Stocks soared overnight and extended gains through the open with Small Caps (strong dollar) and Nasdaq (tech short squeeze) outperforming. Then when Trump headlines hit tomorrow's Iran decision, the S&P and Dow dumped to unchanged...the bounced...

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Futures show the overnight hump and then buying panic at the open...

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VIX closed with a 14 handle once again...

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And Stocks caught down to bonds disdain for the morning exuberance...

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Notably, the S&P 500 tagged below its 200DMA on Friday's open and bounced and today it tagged above its 50DMA and rolled over...

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All thanks to the biggest short-squeeze since Brexit...

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The yield curve flattened once again today to a new low post-crisis...

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And while stocks rallied, yields did not sell-off...and when stocks tumbled, bonds did not move...

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Perhaps because every trader who can fog a mirror is now short bonds...

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Although interestingly as the Fed balance sheet has accelerated lower (red line below inverted) so Bond yields and Bond vol has decoupled...

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Emerging Market Debt continued to slide to fresh six-month lows, and judging by the dollar index trend and the liquidity stress' lagged effect, there is a lot more to come...

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The Dollar Index ended the day higher amid some swings (EUR weakness after a disappointing Sentix confidence print)... BBDXY crossed green for 2018 briefly before closing below the unchanged for the year level...

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And as the US Dollar gains, so the Hong Kong version drops back to its lower peg band limit...

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And the Mexican Peso is plunging...

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And the Turkish Lira dropped for the 6th day in a row...

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Oil prices were pushing notably higher - WTI above $70 - ignoring the dollar gains until news that Trump would make Iran decision tomorrow and everyone decided that was time to "sell the news"...

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The rest of the commodity space leaked lower on the day...

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Finally, we note that with the S&P 500 managing to barely scratch its head above water year-to-date, the picture remains ever-hopeful for 2018 EPS...

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