If ever there was a day (or week) for this clip, today is it... "we got this... yay record highs...oh wait..."

First things first... "sustainable"

This was the worst week for US Macro in 5 weeks and today was the worst day for US Macro since last Thankgiving!

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May ends with Silver best (+3.7%), bonds worst (-2%), with stocks just outperforming gold...

Treasury yields rose on the month with 30Y up 12bps, 2Y up around 4bps - but the last 10 days or so have seen notable strength...

"Sell (Trannies) In May" appears to have worked and the rest of the major indices scarped out small gains... (Trannies down 5 of the last 6 months and over 11% off the November highs)

Energy stocks were the worst in May and healthcare surged thanks to a huge squeezeback higher in Biotechs...

On the week, Trannies were also worst (down 4 of the last 5 weeks) making it the worst 3-week run (-5.4%) since Oct 2014 - notice the S&P managed to very briefly tag green for the week before tumbling back..

The last 6 weekly closes on the S&P (from oldest to most recent) are 2117, 2108, 2116, 2122, 2126, 2115 - less than 1%!

And finally, Trannies were the worst performer today also...and an ugly close

To round out the equity excitement - here are futures from Friday's close showing all the volatility away from US sessions...

Treasury yields and stocks decoupled mid-week - but stocks wanted to catch back down...

But in the week Treasury yields collapsed...led by the long-end...with some month-end, week-end profit taking at the close

With a dramatic 13bps flattening in 2s30s...the biggest weekly flattening since April 2013...

The US Dollar fell for the 3rd day in a row but ended the week higher by around 0.7% - AUD was the weakest of the majors and Swissy strongest

Despite the swings in the dollar, gold continued to go absolutely nowhere (as did Silver) but copper tumbled as crude soared...

And finally crude... What is there to say when production in Russia, America, and OPEC are all at record highs on a day when growth is shown for its weakness. This is Crude's best day in 7 weeks! Epic short squeeze into last trading day of the month and ahead of next week's OPEC meeting.

and your guess is as good as ours as to what stocks think of oil...

Charts: Bloomberg

Bonus Chart: Because well, you have to laugh really...