Stocks are confused. The FOMC Minutes, which clarified that a) taper is on (no matter what almost), and b) forward guidance has been replaced by some fluffy words; have sent the USD higher, bond yields higher, and precious metals lower in 'classic' un-taper unwind mode. Stocks are holding (for now) as the USD strength (and implicit JPY weakness) is supporting US equities via the idiocy of the carry trade. VIX remains well bid and credit markets are blowing wider.
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And stocks are confused as USD strength is being confused with JPY carry exuberance and holding stocks up here at VWAP...
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Credit markets are not happy...
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Charts: Bloomberg