Jubilant Chinese investors did not help as good news is terrible news it would seem... despite Stan Fischer's confidence-inspiring message that "just the tip" of interest rate hikes won't hurt...*FISCHER IS RIGHT; MARKETS OVER FOCUS ON 1ST HIKE, EL-ERIAN SAYS

After an 'odd' day yesterday with BTFDing machines rescuing stocks, US equity markets reopening saw some selling overnight and then a deluge during the day session... (weak data early and 1230ET Fischer)

• *FISCHER SAYS FED COULD SLOW RATE RISES IF WORLD GROWTH FALTERS
• *FISCHER: FED SHOULD `EXPECT SPILLOVERS' WHEN POLICY TIGHTENS

Since Friday, the cash indices are all notably red... Trannies NOT off their lows...

The Dow traded back below its 50DMA (18,010) briefly...

And Trannies "Death Crossed"

Today was the biggest VIX (percentage) jump in 2015...

US equities roundtripped from the May 14th melt-up pre-OPEX spike...

And has almost erased all its May gains...

Trannies are a disaster year-to-date still...

Away from the stock market vol, there was turmoil everywhere else...

Treasury yields plunged...

The Dollar surged... now up 6 of the last 7 days...

This is the best 7-day run in the dollar since Lehman...

And Commodities cratered...

Led by Crude Carnage-ing back to one-month lows...

Charts: Bloomberg

Bonus Chart: Apple On Fire (literally)