Whether or not there was a secret "Shanghai Accord" to push the dollar lower, the outcome has been clear: moments ago, the USD as measured by the Bloomberg Dollar spot index just dropped to the lowest level since June 22, long before the Fed commenced its rate hikes, indicating that the market is, at least for now, convinced that the Fed is "one and done" and that Eric Rosengren's warning that rate hikes will accelerate from here is nothing but a hollow threat.

While most traders' attention has been glued to the daily gyrations in oil, it is another commodity that has gained 21% this year and is the best performing asset in the Bloomberg Commodity Index. Silver.

A UK Judge has refused to jail a teenager for stabbing the paedophile who abused her as a child and has even offered to pay her court fine. At Bradford Crown Court yesterday, Judge Jonathan Durham Hall QC told the 15-year-old schoolgirl: “It would be a disgrace to send a survivor like you to prison”,  despite the fact she had attacked the 56 year old man in his own home. The girl was 14 when she used a large kitchen knife to stab the man who had sexually assaulted her when she was eight-years-old.

Dan Drezner considers the possibility that some Republican policy elites could start moving to the Democrats, but remains skeptical:

The thing is, that polarization has been going on for four decades now. Elites within the major political parties of 2016 are more ideologically distant than they were in, say, 1971. Indeed, this election cycle has exacerbated that polarization at the presidential level. So disaffected GOP intellectuals would have to travel a much longer ideological space to feel comfortable as Democrats.

Following the disappointment of Doha, US equities have soared off the dip with The Dow topping the all-important 18,000 level and now S&P back above 2,100...

All the while, earnings are collapsing.

Looks fine to us, right? What could go wrong?