Hoosier's note: It seems to me that most of the market participants have concluded that 'Taper' has been priced-in by the markets.
If there is only one lesson that I have learnt from Jesse Livermore's "Reminiscences of a Stock Operator", that would be 'credit drives the markets'. Once the 'credit' is taken away, 'Taper' in this case (and ultimately the unwinding of QEs), markets will collapse. This is not a one-day event, but, tomorrow is the starting point!
I still think that the possibility of a market sell-off is real.