Having almost puked all over her speech last night, the "Yellen's Alive" rally gathered pace overnight... But then reality bit with a sudden realization that a hawkish-er Yellen actually said absolutely nothing different from what she said last week...and they are hanging on by a thread... The last time we had a closing in stocks on a Friday as ugly as this was Aug 21st (before Black Monday) Chinese stocks were supported all week (with Xi's visit to the US) until last night... with SHCOMP roundtripping to unchanged And while Europe rallied on Yellen and BMW today, it remains notbaly hard hit post-FOMC... The Biggest News Today was Biotechs and Junk Bonds Bloodbathery... Biotechs were monkey-hammered this week with a 12% plunge... down 6 days in a row To Dec 2014 levels - the biggest weekly drop since Aug 2011 As S&P Biotech ETF had its worst day since August 2011... Biotechs are down 26% from the $91.11 highs on 7/20 Who is to blame? Shrekli's Greed or Clinton's Populism High yields bonds were slammed this week. HYG (The HY Bond ETF) saw its biggest weekly drop since Dec 2014 and closed at its lowest since Nov 2011... * * * The exuberance and carnage today was (once again) all about USDJPY... it appears a failed momo ramp past 121.00 around 2pmET was the trigger (along with Biotech accelerating lower) And Futures show the price action all day long... Overnight Yellen 0450ET BMW "Allclear" 0830ET GDP Up 0930ET Boehner resignation 1400ET USDJPY/Biotechs fail Leaving cash indices roundtripping on the day... (Dow helped by NKE's adding 60-70 points) And it's a bloodbath since post-FOMC peak euphoria... Small Caps & Trannies worst... Financials outperformed today (with a gap open after Yellen's speech) and Healthcare worst today (and on the week)... Leaving Nasdaq in the red year-to-Date... Let's not forget CAT this week that saw no bounce at all today... and another hedge fund hotel - SUNE was crushed today and this week as it appears for the 3rd month in a row, month-end liquidations are slamming... * * * So with the equity bloodbathery out of the way... Treasury yields ended the week modestly higher after a big ramp higher this morning (releived a little as bonds rallied on equity weakness this afternoon)... The USDollar Index gapped up on Yellen's speech last night but went nowhere after that (even as JPY weakness offset EUR strenght) Commodities were mixed on the week with Gold and Crude higher, silver modestly lower, and copper clubbed... (not ethe morning shenanigans everyday) Copper tumbled over 4% on the week - its biggest weekly drop since Nov 2014, closing at its lowest since May 2009... And Gold broke above its 100-day moving-average again... will it hold this time... Charts: Bloomberg Bonus Chart: The Market is macro-data-dependent... so what data is The Fed imagining?