So after the biggest inflows to SPY in 27 months sending stocks soaring on dropping volume and plunging GDP expectations, today saw Stocks Down, Bonds Down, Gold Down, VIX Down, USD Up, Rate Hike Odds Up…

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But it was all so easy yesterday!

Rate hike odds soared to 90%… (Powell joined the crowd today following Brainard, Williams, Dudley, Kaplan, and Harker)

And the USD went with it… (USD Index is up 5 days in a row – longest streak since May 2016) – NOTE: The USD Index has rallied back to pre-rate-hike levels from December

We wonder just what it is that has panicked The Fed into such a rapid shift in communication? It’s not the economy…

So is it this? These are not the ‘norms’ that Janet was looking for…

No matter how hard they tried to crush VIX, stocks wouldn’t bite (note the drop in the last hour as John Sessions announced a press conference) – Dow dropped below 21,000!! Time to Panic?

Today was the worst day for stocks since January… most major indices gave back around half yesterday’s gains with Trannies and Small Caps worst…

After yesterday’s huge short squeeze, “most shorted” stocks drifted lower today…

Notably, Financials had their worst day in 6 weeks today, erasing half of yeterday’s gains… (Utes erased their losses from yesterday despite higher bond yields)

In case you missed it, Snap’s IPO started trading today…

We found this entertaining – MacroTourist @Gloeschi You can either own SNAP for $35bn or the two largest gold miners in the world ABX (20bn) and NEM (17bn). Vanishing cat pics vs. gold…