In a word… “mixed” Early ugliness gave way to another ramp job courtesy of USDJPY’s 101.50 level holding – which managed to clamber the Dow to unchanged on the week and stabilize the S&P (after it bounced off its 50DMA). But… Nasdaq and Russell just could not get it together until the last few minutes thanks to a VIX slam, JPY ramp and 30Y dump. Yellen’s testimony pushed some volatility through markets and perhaps provided the extra pressure on the small caps (after warning of valuations).