US equity markets were off to the races when stocks opened and Yellen began to speak but the late-day ugliness was written on the wall by a total lack of support from either volume or any other risk-market. The S&P ramped up to last Friday’s spike highs, Zero Hedge reminded traders that Biotech P/Es were double what they expected, and the 30Y auction tailed ugly was enough – with a dearth of news (aside from downplayed escalations in Ukraine) stocks dumped and played catch down with JPY (weakness) and Bond (strength).