Late-Day Buying Scramble Saves Dow's Year After Yellen Yanks Punchbowl

By Tyler Durden of Zero Hedge

Wednesday, May 6, 2015 4:58 PM EDT

Translating what Janet Yellen (and Lockhart) said today to stock investors....

Before we start - Trannies are trading 2% below the levels pre-EndQE3 and The Dow was rescued late on into the green YTD for 2015...

UNRIGGED!!!! Every time the Dow lost YTD green, VIX was smashed... and look at the close!!!

Stocks have now given up all the exuberant gains post March payrolls

Volume is back...

The epic late-day ramp was a desperate effort to get The Dow into the green YTD... managed to get Small Caps comfortably green (because you Fight The Fed)

Futures show the swings today more clearly...

On the week, Nasdaq remains the laggard, Small caps outperforming

The initial driver was the weak ADP print which sparked selling in the USD, then Yellen's comments really pulled the rug...

Shale stocks continue to slide post-Einhorn (even despite this morning's meltup in crude after DOE inventory draw). Worst still for the frackers, Gartman said "The frackers are going to ramp back up, there is no question at all"

Treasury yields are up 8 days in a row - the longest stretch of increases since 9 days in a row in March 2012. (note the big AAPL issue today which may be the driver of the recent weakness in US sessions as ratelocks hit an illiquid market)