If you think way, way back to a few weeks ago, you will recall that once the “taper cat” was let out of the bag, the market fell hard, and it fell quickly. Markets tend to fall much faster than they rise, so all the excitement was really over in just a couple of days, and its taken the past couple of weeks (with the bulls laughing and taunting with every uptick) to retrace the drop.
Well, we’re back to the “pre-Bernanke” level now, as if the whole taper press conference thing never happened. What’ll be interesting will be tomorrow, two hours before the close, when the minutes from last month’s Fed meeting are released. We’ll get to see if the market genuinely doesn’t care about the taper, or if they are magically reminded of what was said last month and freak out all over again.