• Oil slips toward $30, traders bet on more falls (Reuters)
• Oil Plunge Sparks Bankruptcy Concerns (WSJ)
• RBS cries 'sell everything' as deflationary crisis nears (Telegraph)
• World stocks drop but Europe shrugs off oil slide, China money market surge (Reuters)
• Canadian Stocks Fall in Longest Slump Since 2002 as Oil Slides (BBG)
• "Murderous" Yuan Rate Jolts Hong Kong as Top Currency Hub (BBG)

With China now "murdering" Yuan shorts, markets are content that the Chinese debacle seems to be contained if only for a while, and so the attention of both traders and algos alike has focused on oil, which earlier in the session dragged global equities lower as it dropped by 3%, just shy of the $30 level, a new 11 year low, before staging another dramatic rebound in minutes, wiping out all losses in the aftermath of what appears to have been a deadly suicide bomber terrorist explosion on a square the middle of Istanbul's historic district.

On Tuesday we get the latest tragedy out of Turkey as at least 10 are dead in a suicide attack on Istanbul. The explosion rocked Sultanahmet Square outside the city’s Blue Mosque injuring 15 in addition to those killed.

The Comex continues to see a drain of its Registered Silver inventories (for delivery), while the SHFE inventories are showing a rapid increase.

Jamie Dimon, JP Morgan Chase
Brian T. Moynihan, Bank of America
Michael Corbat, Citigroup

I am writing to you to warn you about the disruption that is about to occur in banking.

"We would be surprised that in this highly leveraged world, in combination with a structural decline in market liquidity, a 7-year cycle decline would just be mild. We think it’s actually just the other way around and in this context we see last year’s rise in volatility as just the start of a period with exceptionally high volatility where we wouldn’t be surprised to see record spikes in volatility over the next 12 to 17 months."

“I’m not going to answer that. No, no, no. I don’t want to talk to you”...

A jump in the overnight cost for borrowing yuan in Hong Kong is "reflecting further PBOC efforts to stamp out speculation," according to Michael Every, head of financial markets research at Rabobank Group. Hong Kong-based Every told Bloomberg in an interview, following a massive spike in overnight borrowing rates for Offshore Yuan that "a 66% rate is murderous for others being swept up in this who are not speculating." PBOC advisor Han earlier warned that short selling the yuan "will not succeed," adding that "it is pure imagination that the Chinese yuan will act like a wild horse without any rein." But as Every notes, the unintended consequences could be a problem, "imagine you needed access to CNH for other purposes for a few days," concluding ominously that "in other EM crises we see that central banks usually win a round like this, but lose in the end."

The state of our nation under Obama has become more bureaucratic, more debt-ridden, more violent, more militarized, more fascist, more lawless, more invasive, more corrupt, more untrustworthy, more mired in war, and more unresponsive to the wishes and needs of the electorate. Most of all, the government, already diabolical and manipulative to the nth degree, has mastered the art of "do what I say and not what I do" hypocrisy.

A month after we first noted the major redemptions at Avenue Capital Group's credit fund (note this is a different fund from Third Avenue), and just one trading day after CEO Marc Lasry strolled arrogantly on to CNBC and told the public that "I don't think it's a time to panic, I think it's actually a time where you've got opportunities out there," Morningstar reports the Avenue Credit Strategies Fund has failed to report asset levels since about mid-December.

Welcome to the recovery: a record number of Americans who are retired, or are collecting Social Security, worked part-time last month.

"We are the people" "Resistance!" and "Deport them!" chanted the sign and flag-toting LEGIDA crowd. "Refugees not welcome!" read one sign, showing a silhouette of three men armed with knives pursuing a woman, while another declared "Islam = terror".

According to the Mint, more than half of the week's allocation of silver sold on Monday, the first day of 2016 sales, a sign that demand entering 2016 is literally off the charts. Putting the silver demand in context, the 2.76 million ounces of silver bullion coins sold today is exactly half of the 5.53 million ounces that sold in all of January 2015. Gold too: first-day sales of American Eagle gold bullion coins was also unprecedented, with the 60,000 ounces sold equal to roughly 75% of the 81,000 that sold in the entire month of January 2015.

“For them to say ‘hey you owe it to us, it’s Springfield’s fault, pick up our pension liability and let us kick the can in the rest of our pension liability, no, no, not happening.”