Well that really did escalate quickly...

The market's internals triggered another Hindenburg Omen (each of the prior clusters worked and were saved by Fed speak)...

This was the worst Santa Claus Rally (Sell-off) since 1999...

But still up from pre-FOMC...

Europe started the day ugly with German CPI and Grexit fears mounting (trumping any hope/hype from Draghi for now)...

Leaving US equities down hard on the day...  (as a late day ramp failed totally!)

The Dow closed below its 50-day moving average (first time since the day before FOMC)...

With Energy worst on the day...

As it catches down to oil prices and credit spreads...

As a realization that maybe oil prices are on to something ripples thru markets... perhaps stocks can't handle this truth

Treasury yields were crushed lower... with 10Y nearing 2.00% again (and 30Y under 2.60%) - with 10Y and 30Y now below FOMC levels...

With stocks catching down...

Stocks caught down to credit's lack of exuberance...

The US Dollar rose modestly despite signficant JPY strength though it did fade throughout the US session...

Despite modest USDollar strength, gold and silver also rose on the day... (Gold above $1200 and Silver over $16 again)

Charts: Bloomberg