Bonds and Bullion the big winners post-Fed...

There were 3 notable legs lower in stocks today... The catalysts seemed to be

1335ET - *EVANS SEES MORE UPSIDE POSSIBILITY IN UNCERTAINTY FACING FED, THIS IS A CHALLENGING TIME TO GET BIG U.S. FISCAL BOOST
1431ET - *EVANS SAYS MARKETS CAN HANDLE FED BALANCE SHEET NORMALIZATION
1445ET - *COMEY: THERE WERE EFFORTS TO PENETRATE VOTER ROLLS

With Evans comments inferring whatever gains Trump gets will be offset by Fed hikes. Of course, then VIX was clubbed like a baby seal to get The Dow green but once the stops were run, it was over...

But while VIX was slammed, SKEW hit a record high!!

Nasdaq manage to scrape green but everything else was red...

Retail Stocks suffered their biggest drop since Feb today as "the next (original) big short", i.e., CMBX, shows that recent negative trends are accelerating to the downside.

High Yield bonds slipped lower again - following a very similar pattern to the election bounce off the 200DMA..

With Japan closed, overnight liquidity was thin in Treasuries but once the US woke up, bonds were bid...

Treasury yields have done nothing but fall since The Fed hiked...

Notably, the yield curve has flattened dramatically in the week since The Fed hiked...

And that is (for once) weighing on bank stocks...now at one-month lows

Of course - this whole move has not been about the yield curve - no matter what the mainstream media want to tell you

The USD Index drifted lower in a very narrow range...

Very quite day in FX land though with Cable the biggest mover (dropping after May saying Article 50 dropping next week)

Crude prices dropped once again but RBOB bounced to one-week highs...

“The reopening of the Libyan ports is the reason for today’s drop and the U.S. rig count doesn’t help,” says Bob Yawger, director of futures division at Mizuho Securities USA. “The drop in net-length is a signal from speculators that the market is vulnerable”“

It looks like someone is trying to jawbone the market,” says Gene McGillian, manager of market research for Tradition Energy in Stamford, Connecticut “The fundamental picture remains weak, with massive inventories and rising U.S. production”

Gold held on to gains on the day to March highs as Bitcoin suffered further after "fork" discussions raise more concerns...

Finally there's this...

And this.,..