From uber-doves to ultra-hawks in 3 weeks (and a few hundred Dow points), today's FedSpeak did not rescue stocks as everyone assumed it did as Dudley's Dud dropped risk...
"Sell In May" is working once again...
And while The Dow craped back into green, S&P 500 closed red for 2016...
This week's chaos is more clearly seen in futures with every rip sold and every dip bought...
While the big dump occurred early, it wouldn't be 'Murica if we didn't ramp back maniacally trying to save the S&P from negative territory year-to-date... VIX topped 17.5 at the highs today (2-month highs)
Post-FOMC Minutes, Trannies and Small Caps are the worst performers...
Long Bonds are best since the hawkish minutes struck...
Treasuries were mixed with further weakness in the short-end but modest bid in the 30Y...
Pushing 2s30s even flatter...lowest since Dec 2008 which is not good news for financials..
The USD Index extended post-FOMC Minutes gains but only modestly as Cable remains the week's big winner amid falling Brexit polls...
The modest strength in the dollar pressured most commodities lower but once Europe closed, crude oil was panic bid...
Gold & Silver have tumbled since The FOMC Minutes (but bounced back this afternoon)...
Charts: Bloomberg
Bonus Chart: This won't end well...