While the dollar is pricing in the Taper, stocks are already looking beyond this transitory event, and in line with what happened after the end of QE1, QE2, Operation Twist, and QE3, has started pricing in the 'Untaper'. As an aside, we also we had a monster $5.016 billion POMO today... Though frankly, one glance at the charts below and it is pretty clear what is really driving today's action in stocks - cough JPY cough...
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