The last week in stocks (and Apple and Twitter) in 19 seconds... Strength in China on new short-selling-curbs provided very littlc comfort for US investors. Early strength quickly faded as Dennis Lockhart peed in the Kool-Aid... On the day...only Trannies closed green... From Lockhart's comments, S&P and Dow were weak... And since Friday... Dow and Smal lCaps underperform The machines were in charge as AAPL selling pressure demanded index support to sustain institutional sells... With AAPL getting clubbed... VIX was as gappy as a hillbilly's teeth... Treasury yields all rose notably after Lockhart jawboned... Which drove the curve to its flattest in almost 4 months...and flattening at the fastest pace this year The Dollar Index surged after Lockhart's comments as money fled EUR and CHF... Dollar strength sparked more commodity weakness... Fed credibility remains near zero as the long-bond tracks reality and short-end tracks Fed promises... As one witty chap said "Data Dependent, my arse!!" Charts: Bloomberg Bonus Chart: Just a little reminder - The Fed f##ked up before..."The Fed exit strategy completely failed as the money supply immediately contracted; Fed tightening in H1’37 was followed in H2’37 by a severe recession and a 49% collapse in the Dow Jones."