There is really only one clip for this week  - so full of chest-beating "I told you so"-ism early on, only to have hope crushed by an old granny's confusion - it's an oldie but a goodie...

What did Janet Do?!!

• Copper -3.1% - worst week in 2 months
• WTI Crude - biggest 2-day drop in a month
• Silver - biggest 3-day gain in 4 months (best week in 4 months)
• Gold - biggest 3-day gain in 4 months

• US Equities - worst 2-day drop since Sept 1st
• VIX biggest daily jump in 2 weeks (above 50DMA for 22 days - longest period since October)
• China Equities - down 4 of last 5 weeks, lowest close since Feb 2015
• German Equities worst day in a month

• 30Y Yield -15bps - biggest 2-day drop since Jan 6th 2015
• 2Y Yield -13.7bps - biggest 2-day drop since March 2009

Since The Fed unleashed the world of confusion...

Gold and The Long Bond ripped 2%, S&P dipped 2%

Futures gives us a decent view of the action in the last 48 hours (note the weakness overnight and the opening US ramp by the algos back to VWAP)..

At 1515ET on Quad-Witching, NYSE Broke but the market did not do what it was supposed to...

XIV and SPY are slowly starting to converge...

Look at the noise in VIX today (and post FOMC yesterday)...

On the week, a mixed picture - Small Caps only ones to cling to gains...

Some context for the moves - failed breakout of key resistance... and a close below support

Very ugly week for financials...

This is not helping...

Treasury yields have collapsed in the last 2 days (with 30Y catching down today and notably flattening the curve) closing the week modestly lower in yields...

The US Dollar ended the week unchanged after being dumped yesterday and overnight but "rescued" mysteriously by a very active JPY seller (cough Kuroda cough) today...

Which created some equity momo off the open but that failed as Europe closed...

Commodities ended the week very mixed as The Fed's inaction sparked degrowth selling in crude and copper and PMs surged...

Gold jumping to 3 week highs... (seems like someone knew something on Wednesday)

Crude roundtripped all the way to unchanged on the week... from growth hype to no hope...

As Oil Vol and the underlying recoupled... (hedges on the ramp lifted and forcing coinvergence)...

Charts: Bloomberg

Bonus Chart: S&P still 40 points rich to the Fed Balance Sheet...