This is a toe in the tapering water, the absolute minimum reduction the Fed could announce without looking timid, economist Ian Shepherdson of Pantheon Macroeconomics wrote in a note to clients following the announcement. Still, it is the first step away from incremental easing since July 2006, so it is significant" I sold a big, (for me, loose change for some of you!) position I was holding today. I don't know what's going on but I thought Taper = market down. The only thing I can see is Bernanke is still going to print money until unemployment is better than 6.5 % or something like that and this that he did today was just for show. Anyway I got out when it jumped, what are you informed gamblers doing today?