Crude is contained...
But Reuters summed it up nicely...
China carnaged overnight...
But US Stocks saw an exuberant pre-FOMC rally today as it is clear that Fed policy error admissions are coming...
As the divergence grows since the Dec Fed rate hike...
But today was all about oil... and bullshit Production Cut rumors...
Oil ripped higher today, dragging stocks with it once again... and dragging it back down after NYMEX closed...
SPOT THE DIFFERENCE...
On the day, Trannies love higher oil prices!!??
Futures show the stick save with production cut comments rescuing stocks from China's pain...
Notably - S&P Futs were unable to run yesterday's high stops today...
AAPL dropped into the close for the 3rd day ahead of tonight's earnings...
But bonds & stocks were bid as we head into tomorrow's praying-for-doves FOMC meeting...
Treasury yields ended the day lower - despite the equity exuberance...
The USD Index slipped lower today on commodity currency strength (despite a big drop in swissy)...
Amid the modest weakness in the USD, commodities all gained growund with oil best but gold and silver continued to surge...
We overheard someone on CNBC saying how oil had "stabilized" - which we suspect means something different in his world - since the last 3 weeks have seen 4 10-15% swings... but still...How long until we get a denial of oany intent to cut production?
Seems like Oil Vol is not buying the bounce....
The bottom line - this had the look and feel of a normal pre-Fed ramp day in stocks with the algos juiced off oil for now. Will Janet lose face and admit she screwed up? And is that really what the market wants?
Charts: Bloomberg