The S&P swung 44 points from low-to-high today as panic-buying lifted stocks vertically on the back of an utter VIXtermination (from over 18 to under 15). Nasdaq surged over 2.5% from its lows before FOMC Minutes - the biggest swing since May 2012 (and biggest daily gains in a year). 10Y Yields closed at 2.33% (2.3249% lows) - the lowest since June 2013. The TSY curve steepened dramatically post-FOMC with 5Y now -18bps on the week and 30Y -7bps. The Dollar fell for the 3rd day in a row (-1.6%) - its biggest such drop in 15 months. Initial weakness in commodities was wiped away post-FOMC leaving Silver +3.3% on the week (Gold +2.3%). Oil saw no bounce closing at April 2013 lows (WTI below $87.50). The S&P and Dow managed to get to green on the week in the last few minutes (only the S&P held it into close). So in summary: FOMC Minutes sent Stocks Up, Bonds Up, and Gold & Silver Up; VIX down, USD down, and Oil down. Today's epic ramp brought to you by AUDJPY... And VIX... The Russell 2000 rose almost 3% off its EU-close lows today... This was Nasdaq's biggest day in a year and biggest intraday low to close swing since May 2012... But since the last FOMC statement, stocks remain red... Post September FOMC: Treasuries are still the best performer, S&P is down (as is gold) and the USD is up 1.5% On the week, it seems today's mega ramp was all about getting the S&P green... Bonds and stocks entirely decoupled (30Y is 10bps lower in yield than the last time stocks were here) - as The Fed (seemingly) said Buy it all... Tresasury yields collapsed post-FOMC (and bull-steepened) The Dollar was punched down for the 3rd day in a row... most sellinmg pressure coming in the US session... USD weakness helped commodities (except oil)... Charts: Bloomberg