Total chaos reigns as equity market "participants" flip from manic-sellers (IMF un-growth and Italian bank bailout failure) to panic-buyers after the following headline hits Bloomberg:

SAUDI ARABIA, RUSSIA REACH CONSENSUS ON OIL FREEZE: INTERFAX

INTERFAX SAYS SAUDIS TO DECIDE ON OIL FREEZE REGARDLESS OF IRAN

INTERFAX CITES UNIDENTIFIED PERSON ON RUSSIA, SAUDI CONSENSUS

The initial surge reaction...

Saudi Arabia, Russia reached consensus on oil freeze during talks Tuesday, Interfax reports, citing unidentified “informed diplomatic source” in Doha.

Interfax cites source as saying Saudi Arabia will make final decision on freezing oil production regardless of Iran’s position

Just a day after Algeria said Russia would not agree.

And the funniest thing about all of this farce is that if this headline proves true it is merely the original agreement - in principal - but with both Saudi Arabia and Russia now producing at new record highs.

*RUSSIAN ENERGY MIN. DECLINES TO COMMENT ON IFX OIL TALKS REPORT

*RUSSIAN ENERGY MINISTRY SAYS NO COMMENT ON TALKS BEFORE APR. 17

Stocks have begun to fade the euphoria...

Because "repeat news" is always good for the algos...

As Bloomberg reports , Crude climbed to a four-month high in London as Saudi Arabia and Russia were seen agreeing on whether to freeze oil production.

OPEC members will meet with other major producers, including Russia, to discuss capping production in the Qatari capital on April 17. Prices climbed earlier as forecasts for lower U.S. shale production signaled the global oversupply will slowly diminish. "The headlines about a Saudi-Russian agreement are obviously what’s sending prices higher," said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $3.4 billion. Oil has rebounded after falling to the lowest level in more than 12 years amid signs a global glut will ease as U.S. output declines. Saudi Arabia, the biggest OPEC producer, said previously it would agree to a cap only if it’s joined by other suppliers including Iran, while Kuwait said a deal can be done without Tehran’s support. "Prices are also up on speculation that market tightening is underway," said Gene McGillian, a senior analyst and broker at Tradition Energy in Stamford, Connecticut. "The productivity report yesterday shows that shale production will drop. There are also hopes that a production deal will be reached at this weekend’s meeting."

ut when did "old news" ever stop a horde of rampaging machines...

As another short squeeze lifts Energy and materials stocks higher... As CS notes, the Energy "Short Basket" is outperforming by over 100bps this morning...e.g. CHK +27%!!

"Most Shorted" stocvks ripped...