Not necessarily....it is clear that the direction of the Fed must change (reduction of and, eventually, no QE).....but what we have here are large traders that are sitting on the fence - and leaning based on vague comments by the Fed (collectively, or individual members). The last time this happened (out of Yellen's yap), she corrected/clarified a few business days later, and the market shot up.
This time - it's hard to say exactly when the Fed will further reduce easing, with the domestic employment numbers holding (in part, participation is still declining, and wages are stagnant); but several things are now for sure.
QE will end, soon. Interest rates will rise, long bonds and then equities - will correct (i.e., <10% down). This doesn't mean a change from bull to bear, but doesn't mean the bull will continue either.
Tough call for next week - - - - the darkness of friday's trade; on heavy volume - - - - makes this so. We'll see if/who says what more (Fed-wise), by Tuesday morn.
Out.
