The Nasdaq has now nearly wiped out the opening gap lower. The index is down just 0.2% after falling nearly 2% at the open.

There's a bit of reflexivity working its way through the market. Lower yields are good for stocks and tech in particular due to its perception as a long-duration asset. In addition, the $9 turnaround in oil prices is deflationary and the kind of thing that could lead the Fed to hike less than feared.

Technically, the opening gap is now basically filled.

nasdaq gap

The problem is that reflexivity works both ways. A continued rebound in the Nasdaq will lead to some selling in bonds and optimism in the oil market. There's a fine line where risk assets can prosper but it starts with stability in yields.