It appears the market thinks Janet is the net...

After a multi-decade record 9 up-days in a row, The Dow is now down 6 days in a row - the longest losing streak since August 2015...

The S&P 500 managed to make intraday record highs once again, thanks to a VIX smash to 12.00... but then the machines ran out of stops again...

As investors rushed for the safe haven triple-digit P/Es of FANG stocks...

Which sent Nasdaq higher on the day.. and thanks to an utterly farcical panic bid into the close, Small Caps managed green too...

We're gonna need another stress test...

As Energy stocks began to really accelerate down to crude reality...

Gold remains the post-FOMC winner...

High yield credit spreads surged over 14bps today - the worst day in 6 weeks...

Amid all this ugliness, we note that Treasury yields rose rather notably... and steepened...

There was some rate-locks chatter but we suspect the move is more algorithmic as the month starts...

The USD Index rose on the day helped by weakness in commodity currencies (AUD and CAD)...

Despite the USD gains, gold and silver rallied on the day as copper slipped (weak China PMI) and crude carnage-d...

WTI Crude plunged below $40 - near 4-month lows - and closed in a bear market (Sept WTI -24% close to close from June 8th high)... Today's drop is the biggest in 6 weeks... (and crude is down 9 of 11 days)...and isnegative YTD...

It's probably nothing...the last three times this kind of divergence between stocks and oil emerged, stocks proceeded to tumble...

Charts: Bloomberg

Bonus Chart: What Could Go Wrong?