Judging by today's VIX crush and USD/JPY ramp, this was the sound coming from The Eccles Building...

8 years ago today, the S&P 500 bottomed at 666...S&P earnings are up 78% since then.. and the S&P is up 247%

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The Dow bottomed on 03/09/09 at 6547 - 30Y yields were at 3.57%; The Dow is now at 21,000 and 30Y yields at 3.10%... (and the 2s30s yield curve has collapsed from 260bps to 175bps)

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Something very different today: Bonds and stocks were sold together (same as happened on Thursday but much more pronounced)

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And Risk Parity funds had their worst 2-day drop since mid-December...

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On the day, Trannies and Small Caps were worst...

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Despite desperate efforts to ramp USDJPY and crash VIX, stocks could not get green...

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Notably, Small Caps slipped back into the 'old range'...

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Financials (red) had their worst 3-day drop in 7 weeks... almost filling the gap from last week's melt up...

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Snap cracked...then dropped and has erased all of its post-IPO gains...

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And Camera-on-a-Stick crashed to new record lows (on the heels of a Goldman downgrade)

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Bonds sold off into and through the US open but once Europe closed a bid reappeared...2Y ended unch

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The Dollar rose on the day led by notably cable weakness...

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Crude clung to unchanged (despite USD strength), Copper plunged on China lower growth, PMs drifted lower...

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Finally - a quick question - who does The Fed work for? Main Street or Wall Street?

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Real earnings are up 2.5% off the 2009 lows, The Dow is up 210%