Hope abounds once again this morning. Stocks are up (albeit off their overnight highs) thanks to AUD/JPY and the Ruble is 'stabilizing'. However, the two crucial factors for recent volatility - crude prices and credit spreads - continue to slump. WTI crude is back below $55 (trading as low as $54.60 this morning) and HY credit spreads have pushed back to their wides around 406bps (disagreeing with stocks modest bounce).

Crude continues to slide...

As credit spreads widen...

But stocks want to rebound for now...thanks to AUD/JPY

Well it is FOMC Day after all.