For the 4th day in a row, selling pressure in US equities climaxed as Europe closed. The big buying-panic today though was sparked with about an hour to go as VIX was pummeled lower and stocks levitated to save all kinds of key technical levels - (S&P unch, Nasdaq green on the week, S&P back above its 50DMA, Russell off its 7-month lows). Trouble with all that exuberance... bonds, the USD, commodities, JPY carry, and credit weren't buying it. The USD rose 0.2% for the 2nd week in a row (led by 0.5% weakness in the EUR) and JPY strengthened. Commodities all closed higher on the week, led by oil and copper (+2%) with WTI over $102. Treasuries sold off modestly into the late-day buying scramble in stocks but ended the week 10bps lower in yield (biggest weekly drop in 2mo, lowest in 6mo). VIX plunged back to almost 12 with its biggest daily drop in a month. T-Bonds and Bullion are both +7.2% YTD, S&P +1.6% YTD, Russell 2000 -5%YTD.