OVER NIGHT

Things at least in Europe have calmed a bit as Reuters reports.

LONDON (Reuters) - World stocks hit a nine-month low on Friday but oil and southern European bonds were off their week's worst levels, as investors began to dust themselves off after one of the most volatile spells in world markets in years.

Nerves remained fragile, but some reassuring words from U.S. and European policymakers, U.S. data, and a sense there could be bargains to be had after the major falls in global equity and commodity markets, drew buyers in off the sidelines.

Bourses in London (.FTSE), Frankfurt (.GDAXI) and Paris (.FCHI) started the day up 1 to 1.5 percent and Athens (.ATG) rose 4.5 percent as Greek governments bonds steadied after their worst run since the height of the euro crisis in mid-2012.

Admittedly, this may be a lull in the storm that's hit world markets of late, but many investors will at least privately welcome it in the wake turmoil for the fourth straight week in the U.S. and Europe but the sixth for emerging markets.

Meanwhile, Bloomberg posted an interesting story about cash build ups in high yield or junk bond funds.

In a junk-bond market that has been anything but high-yield for almost two years, the world’s biggest debt-fund managers have been stockpiling cash for a selloff. After the worst one in three years, they’re getting ready to pounce.

Firms from Pacific Investment Management Co. to Blackstone Group LP say they are poised to scoop up speculative-grade corporate bonds after yields rose to the highest levels in more than a year. They’re looking for bargains after building up the highest levels of cash in almost three years.http://www.bloomberg.com/news/2014-10-17/pimco-to-blackstone-preparing-to-feast-after-yield-surge.html

So maybe in one form or another the calvary is set to ride to the rescue notwithstanding the Ebola outbreak, China, the looming threat of more deflation and collapsing oil prices.

As the saying goes the one-eyed man is king in the land of the blind. We shall see.