Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets.

Well, hello, and welcome to the Monday edition of the DC Today. I am here in Newport Beach Beach where it has been a very exciting day in markets.

We basically last night futures came into the week and keep in mind it was coming off of a week

in which markets were up about 850 points from Friday, intraday, until the end of the day, Tuesday,

then sold off substantially Wednesday and Thursday and Friday.

So net on the week ended up being down about 500 points.

And futures opened up about 50 last night,

and then this morning were down 200.

Markets opened down about 130, and really quite quickly, after that, reversed as a very highly

known hedge funder by the name of Bill Ackman, who had very, in a very high profile

way, about a month or so ago, announced that he was shorting treasuries, which is a way of

betting that yields are going higher. He announced this morning that he had closed out that bet, that he was

done shorting treasuries.

And immediately bond yields reversed down, meaning bond prices went up, and then the stock market

went from down 130 to up 130 or so.

And that kind of lasted for most of the day. Markets up about 100 after being down

over 100. And then in the very final half hour or so of the day the market dropped, it was actually

about the last hour. It wasn't like all in the final minutes. It was about last 45 to 60 minutes.

It dropped and ended up down 190 on the day.

So I just want to quickly go through today's market metrics, but then I do have a few more

things I'll walk through today. The S&P was down just 17 basis points. The NASDAQ was actually up 27, and the best performing sector was

communication services, which was up about 70 basis points. Technology was also up, but not quite so much.

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