It has been a volatile week but equities have drifted lower overall with today's early going retracing all of yesterday's gains only to bounce post Europe's close (once again) on the farce of the Spanish bank audit. Reality sunk in into the close though a glance at S&P 500 futures in the last 30 minutes suggest more V-Fib than trend (as VWAP came into play amid heavy volume at the close). EUR weakness (and USD strength) lifted DXY to a 0.75% gain on the week (almost mirroring Copper and Oil's 0.9% loss on the week) but Gold and Silver popped into the close to end the week unchanged (notably outperforming other asset classes). Treasuries held on to 5bps (5Y) to 12bps (10y & 30Y) yield compression on the week - with some volatility this afternoon bringing them back off their low yields of the week. Utilities ended the week up 1% as the only green sector with Tech, Materials, and Energy all -1.5 to 2% on the week. VIX ended the week up around 1.6 vols (in line with stocks at around 15.6%) and credit continued to lag equities modestly. Cross-asset-class correlations fell away a little this afternoon as stocks meandered but broadly risk-assets suggest some more downside to equities.