The Fog Of (Cease)Fire: Markets Fade Initial Euphoria As Reality Sets In

Tl;dr: A game of two halves... ICYMI, we got a 'ceasefire' last night, triggering volcanic moves across every market - oil down bigly, stocks up yuuge (to pre-war levels for Nasdaq); bonds rallied hard overnight; bitcoin and bullion aggressively bid, dollar dumped as rate-hike expectations plummeted. BUT - and it's a big but - markets could not extend their initial kneejerk moves as the fog of war fades into the uncertainty of a ceasefire with yields trending higher during US day (to end unch), stocks well off their highs (oil off its lows) and gold tumbling back to unch...

V for Victory... or Vacillation?

Oil