China started off hopefully and ended ugly overnight…

But Europe managed gains, riding the coat-tails of US pre-market algos…

Saudi stocks plummeted to 6-month lows…

And while US equities were down overnight, they ramped into the US open and then chopped up and down – generally higher for Dow and S&P and lower for Nasdaq – all day… until the Saudi headlines hit and sparked selling and an ugly close…

Trannies and Small Caps outperformed as Nasdaq notably lagged…ugly close…

The S&P was glued at its 200DMA all day, The Dow could not hold above its 100DMA, Nasdaq was unable to break above it 200DMA and Small Caps continue to be ugly…

VIX dipped a little today at front-end (remains above 20) but the term structure remains inverted…

The spike in volatility has been mostly in equity while other assets displayed a smaller increase…

Stocks continued to catch down to global central bank balance sheets, EM risk, and global systemically important banks…

Treasury yields were incredibly quiet today ending the day practically unchanged across the curve…

10Y Yields traded in an exceptionally tight 2bp range all day…

Among the lowest range days of the year…

But there was on bond that moved…

While the dollar drifted to 2-week lows… (the dollar has now flip-flopped higher and lower for 8 straight days)

Offshore Yuan trod water, finding upside resistance at the Yuan Fix…

The Turkish Lira rose for the 7th straight day…as Pastor Brunson arrived back on American soil.

Cryptos had a sudden spike overnight amid selling in Tether and remain marginally higher from Friday’s close…

Despite dollar weakness (and Saudi threats), crude and copper slipped lower on the day and PMs higher…