Remember how awesome it all felt yesterday, yeah that's all gone... Pride (in senseless uncorrelated low volume rallies) always comes before the fall...

Macy's (M) ate the jam out of the market rally's donut today despite crude's spike (and thus Energy stocks) on the DOE inventory draw... This was S&P Retail Sector's worst day since Aug 2011...

Who could have seen that coming?

And it's gone...yesterday's panic buying algo turns into a sell it all algo...

Trannies worst day in 2 months...

As it touched its 50DMA from below and dropped back below its 200DMA...

As The Dow (Macy's & Disney (DIS)) and Trannies (odd, oil was up?) tumbled into the red for the week... as did Small Caps in the last few minutes...

An early dump in "most shorted" stocks was squeezed back into the European close... but didn't hold...

Macy's was fingered as the blame but yesterday's market meltup had no legs under it anyway. Here is Macy's puke with the analysts who has the highest profit target...

VIX pushed back above 14.50, we suspect S&P tests back to unch YTD before this ends...

What will financials do next?

Stocks began to catch down to Treasury's reality...

Treaury yields began to fall early but buying accelerated after the hugely strong 10Y auction...2s30s flattened 5bps...

The USD Index dropped for the first day in the 7 today, driven by JPY strength...

USD weakness helped spur strength in commodities (apart from Copper which contionues to be pressured by China's bubble unwind) but crude was the crazy one today...

Here's crude for all those who need some entertainment...

And precious metals pumped and dumped overnight...but ended the day higher

Charts: Bloomberg

Bonus Chart: What Happens Next?