Since the Fed yesterday didn’t completely rule out tapering in December, speculation is back in the market, which is driving stocks lower. Obviously tapering will not occur next month, but investors are now closely watching December and January as possible inflection points for tapering to occur. Just because the Fed left open the possibility of tapering in December means absolutely nothing. I still put my money on what Goldman Sachs indicated last month that tapering is unlikely to occur until March 2014. The fear of tapering occurring this year is just unfounded. Below is a great chart that shows market expectations of tapering dates.