The market has spoke and it does not like the Fed's decision

Since the Fed indicated yesterday when it released the FMOC minutes that it was not looking to indulge in another round of QE (quantitative easing) the market up until the meeting came out at 2 came crashing down.  Right off the bat this morning we open down about 100 points and are currently down over 140 points on the DJIA.  All other equity markets are trading in lock step all down 1% or greater.

SPY data by YCharts

As we touched on Monday in [Is it really as Simple as Don't Fight the FED?] the equity markets have not performed well when there has not been support from the Fed.  Again it shows the addiction of Wall Street to the Fed's drug of choice easy monetary policies.  It's not enough for Bernake to tell everyone that the Fed will keeps rates at essentially zero until sometime in 2014.

We'll see how long this pullback (if you want to call it that) will last or if buyers will swoop in at the end of the day to bring the averages back up.  This is why it is always good to have a watch list handy so when prices come down to your entry point you are ready to execute with confidence.  Over the weekend I had setup many limit orders for positions that we have been interested in establishing in the DWCM fund.