You may read that title incredulously: Is she mad? The Fed is an interpretation game and it won't start until the last hour of the trading day.  How will traders close the Dow?

IF the market REALLY wants the Fed to say "I will taper when the economy is improving", then of course there are the "transparency" questions behind that: What is the definition of improvement and How will the Fed taper?

The market said they wanted transparency but with that came more voices from the Fed, not just that of the Chairman.  The Minutes have been where the wheels have come off the wagon because of too many dissenting opinions, too many unanswered questions, and of course all this "transparency" has led to market confusion - mind you - NOT because of the Fed, but because the markets wants to out-think the Fed statement, look past the press conference, and get that "edge".  And how's that working out for them?

Until this month it was working out just fine thankyouverymuch because the market rationalized what it needed to in order to keep the Dow moving higher.  I don't say "rationalized" in necessarily a negative connotation; it's a fact.  Emotion (opinion) moves a market, decides what fundamentals we'll focus on and thus discount.

INDU - Daily
This all reminds me of English class: Reading a classic like "Moby Dick" and parsing into every line for metaphors to the point that reading this amazing book - essentially about a whale and his hunter - becomes drudgery.  Are there metaphors and greater meaning in Melville's classic? Of course.  I am after all an English major and to admit any less would likely result in my having to turn in my diploma. (It also mean I am trained to be the world's worst spell checker and editor!)

Does everything simply go to hell in a hand-basket if the Fed does not clarify the plans on how and when the Fed will taper and if they will taper at all.  Like any environment, if we want to see what we want to see, we will interpret it any way we see fit and that's will become the reality we see on the chart.  The chart does reflect congestion and that is a reflection of the confusion and hesitation in the market, but that should not unravel the entire uptrend of 2013 and the rally since October 2011.  Buying at these heights makes little sense, daily trading opportunities are not a daily occurrence.  The set up for today is a near-term one and that's to play a momentum break of the triangle pattern.  A break down low enough will wake up the patient bargain hunters near 14,850.