There is no doubt that the markets are scared, it knows that at any point the party will be over and they would be no more stimulus. The S&P 500 has been down two of the past three months after a major bull market. At 2 P.M. today that fed will release minutes for the FOMC meeting. A hawkish expectations could lead to a rally in the currency markets. So far today, EUR/USD has been down. If the fed gives any hint of tapering, it could send the equity markets tumbling, as we saw from last time, a simple change in rhetoric could cause a major reaction. We can only wait for now.