Traders are a fickle bunch, as they seem to flip their opinion on the timing of the possible Fed taper every few weeks. The market has been trading flat to positive most of the trading day yesterday, but sold off sharply (on still low volume levels by the way) after the release of the Fed minutes, minutes which showed the taper may be closer than was assumed. Regardless of the traders opinions and if we take the Fed governors (clowns) comments at face value, any curtailment in bond buying will remain data dependent and will be largely based on economic growth. Economic growth that largely looks to sputtering and limping along despite trillions in created money/reserves.
That aside, yesterday's trading was marked by mixed trading dynamics. All sector groups outside of healthcare sold off after the 'taper' news. However, supply side dynamics were largely benign in across the market, except for telecom and utilities. This market action just does not feel like that equity prices want to do anything but continue their rise.
That aside, yesterday's trading was marked by mixed trading dynamics. All sector groups outside of healthcare sold off after the 'taper' news. However, supply side dynamics were largely benign in across the market, except for telecom and utilities. This market action just does not feel like that equity prices want to do anything but continue their rise.
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