US Futures Crash Limit-Down, Bonds & Bullion Bid

Amid the usual last minute negotiations in Washington, spread markets suggested an ugly open for futures but FX trading in Asia was relatively subdued for once.

But, for now, no Congress agreement on stimulus means a lack of bids, so the US equity futures contract are limit-down 5%.

Dow futures opened down 950 points... limit-down...

S&P Futs trade limit-down at 2,174 (when Cash opens: 7% 2128, 13% 1989.50, 20% 1828.50)...

Gold popped back above $1500...

Treasuries are bid, extending their yield collapse from Friday...

10Y Kiwi paper yields crashed after RBNZ announced an emergency QE...

WTI has plunged to a $20 handle...

All a big  replay - perhaps - of the failed TARP vote from 2008...

The short gamma clearout via quad witching would help calm markets, they said.