Yesterday was just weird.  U.S. stocks, government bonds and the dollar all tumbled Thursday, a rare occurrence that underlines markets’ vulnerability to reversals at a time of large bets on central-bank policy and concerns about uneven market liquidity.  The S&P 500 dropped an unremarkable 1.04% but the real action was elsewhere.

Crowded Trades Collapse

Dollar Collapse  The U.S. Dollar Index collapsed the most in one day since records were kept. From a blow out top to the day’s low was an astounding 3.48 points.  That’s an unheard of move.

ECB’s Stimulus Moves Fall Short of Market Expectations, Hammering Stocks

‘I think these measures need time to be fully appreciated,’ Mario Draghi said

Treasury’s Plummet  The 30 Yr US Treasury Bond also swooned, dropping over 4 points in as steep a drop as my charts could go back to June 2001.

Janet Yellen Emphasizes Slow Pace of Rate Increases

Fed chairwoman reiterates confidence in economy, but flags tepid overseas growth as a point of concern