As we noted early on, by the time the cash markets opened this morning, the narrative of compliant Kuroda and drug-peddling Draghi had been painted as worth more than a yellowing Yellen's hawkish comments. And so it was that stocks, despite weak macro data this morning in the US - bad news is great news - surged as cash markets opened and tagged S&P 2,000 for the first time ever. However, once Europe closed, that exuberance faded in stocks. Treasuries rallied (30Y closed -2bps) with the front-end weakening very modestly. USD strength (on notable EUR weakness) sent oil and precious metals modestly lower on the day but Copper had a good day (+0.6%). Today was the lowest S&P futures (non-holiday) trading of the year as the Nasdaq rose for the 9th day in a row.

So to summarize - Bonds Up, Stocks Up, USD Up... But VIX Up, Oil Down

S&P Tags 2,000... on lowest volume day of the year

Since Yellen, stocks are up and fololwing their historical betas...but notice the behavior after Europe closes...

The divergence between bonds and stocks remains...

Even JPY carry is starting to diverge...

as VIX broke higher today...

As the surge into the USD brings flows into stocks and bonds... mostly driven by EUR weakness

As the USD rose, oil and PMs sankbut Copper bounced back...

The standard witching hour start at 8amET once again provided fireworks in commodities...

Once Europe closed, bonds rallied - especially the long-end