Off the Charts

The market hovered around the flat line until the Fed's 2 p.m. rate decision announcement, and then promptly sold off hard despite no major curveballs from the FOMC. Both the S&P and Dow finished down around 1.4%, while the Nasdaq held up a little better, dropping only 1.1%.

Based on the price action, the market had seemed unconcerned about today's announcements. Investors had seemingly come to grips with expectations that the Fed would stand pat, but make more overt suggestions about September "QE tapering." The result pretty much matched what seemed to be consensus expectations, but the market sold off anyway....817 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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