On Tuesday, the day before Yellen's historic rate hike, the S&P closed at 2,043. Today, the day after a Fed announcement which everyone cheered overnight as simply fantastic, perfect, “dovishly goldilocks”, and countless other superlatives because it sent the market surging, the S&P closed at…. 2,042. In the process all the euphoric gains from the widely telegraphed Yellen announcement and press conference have been completely wiped out, not just for stocks…

… but also for the most “sensitive” asset class in recent weeks, junk bonds which suffered a bruising wipeout today.

… and then there is the one asset classess that has so far slipped through the cracks, but which will be very closely scrutinized in the coming weeks now that rates are rising: leveraged loans.

All of which begs the question: did algos finally figure out precisely what we said first thing this morning, namely that the market completely ignored what was a hawkish hike..