Obviously, today's market was all about the Fed. some brief stop-running early on took out yesterday's highs only to fall back before Yellen… then the fireworks began. The initial kneejerk reaction was to sell stocks, sell bonds, and buy USDs. Then came the re-reaction – VIX was slammed below 12, the S&P 500 surged to near intraday record highs, bond yields accelerated higher, EUR and JPY weakness sparked USD bid, and PMs slipped lower as Yellen meandered uncomfortably through a two-faced press conference. By the close, the USD had hit fresh 4-year highs (USDJPY over 108), stocks had roundtripped to unchanged from FOMC, Treasury yields were notably higher, VIX back over 12.5, Trannies surged.
From the FOMC Statement, stocks dumped, pumped, and dumped
And from Hilsenrath's hint yesterday… Trannies are exploding…
The S&P 500 smashed to near-record highs, then faded back to 2,000 (and bounced)
VIX dumped below 12 to help stocks… then gave it all back…
Across the major asset classes today…
On the week, Treasuries are now all higher in yield, led by 30Y
The USD surged to fresh 4-year highs
which pushed commodities lower in general…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1u9kQdi Tyler Durden