Equity prices tumbled early on – giving up all Friday’s gains – before rampaging phoenix-like (thanks to an AUDJPY driven short squeeze) back to ‘unch’ after rumors of ceasefire discussions in Israel rolled around trading desks. Oil – it appears – was looking at the death-toll (and the fact that Hamas can only accept a deal that denies Israel’s existence) and soared back towards $105 (its 2nd biggest day in over a month) notably divergent from stocks. The Russell 2000 was the laggard all day (ramped the most of the lows on the squeeze) and Trannies the leader.