Some early hope-filled reports of "careful optimism" about a ceasefire - which were entirely ignored by anyone in Brussels, from NATO or the G-7, ignited momentum right in time and lifted stocks today, Led by growthy-stuff (Nasdaq), it appears the 'QE trade' is back on as traders look through the imminent recession and bathe in the hope of rate-cuts to come and of course, more QE...

On the week, Nasdaq is leading the way (along with the S&P). The Dow scrambled up to unchanged on the week this afternoon, while Small Caps are still in the red...

The initial weakness in stocks (at the cash open) was instantly met - like yesterday - with a wall of short-squeezing (although today's magnitude was considerably less than yesterday's)...

The sudden reversal of fortune for growth - long duration - over value stocks continues...

Bonds were correspondingly dumped again today, with the belly underperforming (5Y +5bps, 2Y and 30Y +2.5bps), and on the week, the long-end is outperforming (though all yields are higher)...

Global bonds are currently suffering the largest drawdown on record - a deeper correction than during the Lehman crisis (h/t @Schuldensuehner)...

And Germany's bond benchmark has also suffered its biggest drawdown in history...