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Takeaway: We are less sanguine on the market and macro economic picture.

The Bernanke Fed's decision not to taper throws a monkey wrench into the markets and economy. We are consequently less sanguine on the overall macro picture going forward.

McCullough: Where I Stand Now - monkey

Some Additional Thoughts

  • This is the first 2013 US stock market “correction” that I will not buy
  • Bernanke has confused the entire growth picture
  • Expectations of the Fed getting out of the way were critical to American confidence and growth prospects
  • Bernanke's gravity bending experiment is killing confidence
  • US Dollar is starting to look like hell again
  • All-time highs in growth vs slow growth stocks may be in as well
  • Still thinking year-to-date low for Fear (VIX) is probably in
  • We remain short the MLP Kinder Morgan (KMP) in #RealTimeAlerts.

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