Investors Dump Stocks For Safety Of Bonds & Bullion In Yellen's New "World Of Confusion"

There is really only one clip for this week – so full of chest-beating “I told you so”-ism early on, only to have hope crushed by an old granny’s confusion – it’s an oldie but a goodie…

What did Janet Do?!!

Copper -3.1% – worst week in 2 months

WTI Crude – biggest 2-day drop in a month

Silver – biggest 3-day gain in 4 months (best week in 4 months)

Gold – biggest 3-day gain in 4 months

US Equities – worst 2-day drop since Sept 1st

VIX biggest daily jump in 2 weeks (above 50DMA for 22 days – longest period since October)

China Equities – down 4 of last 5 weeks, lowest close since Feb 2015

German Equities worst day in a month

30Y Yield -15bps – biggest 2-day drop since Jan 6th 2015

2Y Yield -13.7bps – biggest 2-day drop since March 2009

Since The Fed unleashed the world of confusion…

Gold and The Long Bond ripped 2%, S&P dipped 2%

Futures gives us a decent view of the action in the last 48 hours (note the weakness overnight and the opening US ramp by the algos back to VWAP)..

At 1515ET on Quad-Witching, NYSE Broke but the market did not do what it was supposed to…

XIV and SPY are slowly starting to converge…

Look at the noise in VIX today (and post FOMC yesterday)…

On the week, a mixed picture – Small Caps only ones to cling to gains…

Some context for the moves – failed breakout of key resistance… and a close below support

Very ugly week for financials…

This is not helping…

Treasury yields have collapsed in the last 2 days (with 30Y catching down today and notably flattening the curve) closing the week modestly lower in yields…

The US Dollar ended the week unchanged after being dumped yesterday and overnight but “rescued” mysteriously by a very active JPY seller (cough Kuroda cough) today…