The market is not yet convinced by this weekend's actions, but it's getting there as Michael Hartnett notes:

"The market stops panicking when central banks start panicking"

Equity futures are higher, but are fading back...

Treasury futures opened down in price but have ripped back into the green...

Gold is holding on to late Friday's gains...

And Bitcoin has surged back above $28,000...

It sure is a land of confusion for now.

But of course the two biggest things to watch are UBS CDS (which is quoted higher in very quiet early trading)...

And the pain felt when all of Credit Suisse's AT1 bonds are marked to zero...

Brace for more as we expect to see Fed rate-hike expectations collapse even further than they already are...

"I love the smell of central bank capitulation in the morning."