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Putin (offering to placate EU’s gas needs) and McConnell (offering a short-term debt limit extension) saved the world today. Is anyone really surprised?

Putin’s comments sent NatGas prices plunging (after EU Nattie spiked a stunning 40% today)…

Which helped send oil prices lower…

And McConnell’s statement sparked a big tumble in T-Bill yields…

Source: Bloomberg

With the curve’s kink flattening dramatically (but notice a small kink is appearing mid-December)…

Source: Bloomberg

Weakness overnight (selling wave hit as Japan opened and as Europe opened) and chaotic gamma-driven swings at the US cash open and then McConnell’s statement sparked a big rip in stocks with the S&P, Dow, and Nasdaq all back into green (until Senator Hirono called McConnell’s deal “bullshit”). Small Caps never made it back to green and had an ugly day overall…

The S&P’s bounce was extremely technical and only managed to get it back to its 100DMA (but no higher)…

Treasury yields were very mixed with the short-end higher (3Y +2bps) and the long-end lower (30Y -2bps)…

Source: Bloomberg

10Y Yields ran the stops at last week’s highs before tumbling back lower…

Source: Bloomberg

The dollar ended the day higher but reversed lower almost too perfectly off last week’s highs as US markets opened and slid all day…

Source: Bloomberg

Cryptos exploded higher also – following more positive comments from SEC’s Gensler. Bitcoin hit $55,500….

Source: Bloomberg

And Ethereum ramped back to its mid-September highs…

Source: Bloomberg

Away from Crude and Nattie, Gold managed some gains today as the dollar dived…

Finally, it does not appear things are working out for Mr.Biden…

Source: Bloomberg

And then there’s this… USA Sovereign risk is more than double that of China’s…

Source: Bloomberg

But, in case you thought it was over in China, think again – nothing is fixed at all…

Source: Bloomberg