Having almost puked all over her speech last night, the “Yellen’s Alive” rally gathered pace overnight…

But then reality bit with a sudden realization that a hawkish-er Yellen actually said absolutely nothing different from what she said last week…and they are hanging on by a thread…

The last time we had a closing in stocks on a Friday as ugly as this was Aug 21st (before Black Monday)

Chinese stocks were supported all week (with Xi’s visit to the US) until last night… with SHCOMP roundtripping to unchanged

And while Europe rallied on Yellen and BMW today, it remains notbaly hard hit post-FOMC…

The Biggest News Today was Biotechs and Junk Bonds Bloodbathery…

Biotechs were monkey-hammered this week with a 12% plunge… down 6 days in a row

To Dec 2014 levels – the biggest weekly drop since Aug 2011

As S&P Biotech ETF had its worst day since August 2011…

Biotechs are down 26% from the $91.11 highs on 7/20

Who is to blame? Shrekli’s Greed or Clinton’s Populism

High yields bonds were slammed this week. HYG (The HY Bond ETF) saw its biggest weekly drop since Dec 2014 and closed at its lowest since Nov 2011…

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The exuberance and carnage today was (once again) all about USDJPY… it appears a failed momo ramp past 121.00 around 2pm ET was the trigger (along with Biotech accelerating lower)

And Futures show the price action all day long…

Leaving cash indices roundtripping on the day… (Dow helped by NKE’s adding 60-70 points)

And it’s a bloodbath since post-FOMC peak euphoria… Small Caps & Trannies worst…

Financials outperformed today (with a gap open after Yellen’s speech) and Healthcare worst today (and on the week)…