NEW YORK (TheStreet) --The focus of Friday's "Trading Nation" segment on CNBC centered around the biggest story in the markets today, Janet Yellen's Jackson Hole, WY speech. While the chairperson of the United States Federal Reserve did not announce a rate hike, she did say the odds of a hike have "strengthened."

The markets have been fluctuating in response to Yellen's comments this morning. Convergex chief market strategist Nicholas Colas and ACG Analytics managing director Larry McDonald appeared on CNBC this afternoon to discuss the market's movement.

"Two big things happened today that were meaningful. First, the Vix traded today at nearly a 25% range, that's happened very few times this year. Also, the 10-year treasury broke a three month 150 to 160 band, we're up at 163. Bonds are selling off, and I think bond yields are still going higher," McDonald said.

Colas then commented on whether or not the markets have become too overly-reliant on Yellen.

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"We certainly are; it seems like the Fed has gotten tired of being kicked around that they're coming out swinging. They're talking about having two rate increases on the table and Fed fund futures are now saying 30% chance of a hike in September vs. 20% just yesterday, and 60% in December. The market does not like that at all," Colas noted.