People Need to 'Chill Out'

The market started the week with a good-sized upward gap on hopes of a friendly Fed later this week. It was drifting along on solid breadth when a Financial Times article hit in which the author speculated that Ben Bernanke would lay the groundwork for some tapering of bond buying later this week. That sent the market down close to flat before the author tweeted that he really had no special insight and people need to "chill out."

The message, if it wasn't already very clear, is that this market is highly sensitive to any talk about tapering. The bulls keep saying that the market is overreacting to this speculation, but the market obviously views any pullback by the Fed as an extremely significant event....1042 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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