Business

Judging by the market's euphoric reaction this morning, the Senate's passage of the tax bill on Saturday is nothing but good news for stocks (well, maybe not the Nasdaq). And indeed, banks - whose effective tax rate is around 30% - and other tax-sensitive companies are surging, with banks are outperforming and  sending the KBW bank index up as much as 2.8% to a fresh decade-high (BofA up as much as 3.9% to the highest since Oct. 2008; JPM up as much as 3.4% to record high; Citigroup up as much as 2.7% to highest since Dec. 2008).

Authored by Lance Roberts via RealInvestmentAdvice.com,

As we keep emphasizing, the world is in an Everything Bubble.

In truth, it is a bubble in sovereign bonds, created by Central Banks attempting to corner these markets via ZIRP and QE.

However, because sovereign bonds are the bedrock for the current fiat financial system, if they go into a bubble, EVERYTHING goes into a bubble.

Why?

CBOE Global Markets said on Monday it would begin trading its bitcoin futures contracts, known as XBT futures, next Monday, and will offer free trading for the rest of the month to help draw in traders and create a market. Both the CBOE and its crosstown rival, CME Group, received permission last week from the CFTC to launch bitcoin derivatives as they go head-to-head in a battle to determine which exchange will come to dominate the market for bitcoin-linked derivatives, the Financial Times reported.

The overnight exuberance in US equity futures is being sold a little at the open, with - most notably - Nasdaq now back underwater from before ABC's fake news Flynn story on Friday...

Across asset classes - the unwind of Friday's panic moves is complete...