As if last week never happened - sell as much vol as you can because Jay Powell can turn back time...

 

It appears the stagnation of the rebound overnight was enough to bring out the committee to save the world as Jay Powell uttered some words this morning on financial stability... and the world was saved again...

 

Dow futures tested up to the 50% retracement once again today... and failed...

 

On the day we opened weak before Powell saved us all, but there was another weaker close...

 

Notably the other leg up in stocks happened around 1300ET - when someone suddenly lifted USDJPY... Thank you Kuroda-san...

 

Stocks are up 5 to 6% now from Friday's lows.. Small Caps are lagging for now...

AMZN is now up 10% off the Friday lows...

 

VIX was monkey-hammered back below 25 briefly...

 

While vols came in modestly today across all asset classes, rate vol - on a normalized basis - appears to have stuck at more elevated levels...

 

Treasuries were mixed today with the short-end weak and the long-end bid...

 

This sparked a notable 5bps flattening in 2s30s...

 

For those hoping for higher rates, better start placing your bets on copper outperforming gold some more...

 

The Dollar resumed its incessant downtrend once again today...

 

Crude slipped lower once again - but copper ripped higher - as PMs managed gains against the weaker dollar


 

WTI closed below $60 again and RBOB below 1.70 ahead of tonight's API data...

 

Gold topped $1330 and Silver topped $16.50 today as the Gold-to-Silver ratio topped 80x - the highest since April 2016...

 

Cryptos were lower on the day but Bitcoin is up from last Friday's close...

 

Bitcoin ended the day modestly lower but tracked VIX once again this afternoon (BTC higher as VIX dropped)...