Yesterday’s panic buying vertical ramp in stocks – decoupling from everything but the trusty partners VIX and AUDJPY – has been entirely unwound as The Dow drops over 300 points (nearly unchanged for 2014), Trannies tumble and Small Caps slump. Stocks all closed significantly lower – despite a late-day effort to lift – ending the day down from pre-FOMC Minutes. Treasuries closed 0-2bps higher in yield but had ignored equity exuberance and provided the reality check by the close.