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Broader markets end today lower as the Fed elects to continue the taper of QE with another $10 billion reduction in its monthly bond buying program. Although this was a widely expected move many traders believed that the Fed might not choose to taper amid the unrest in emerging markets. E-mini S&P Futures closed off the lows but firmly in negative territory. A slew of earnings and economic data this week could lift markets. Traders will look to 4th quarter GDP being releasedtomorrow morning along with earnings from ConocoPhillips, Exxon Mobil, Amazon.com, MasterCard, and Visa still on tap for this week.  It is clear that markets are still on shaky ground as E-mini S&P 500 future options are still implying a move of around 19 points by this Friday’s expiration.  All eyes will be on earnings and data this week as markets are looking for a boost. We continue to remain long the market but have been actively reducing our overall exposure. There is still a lot of uncertainty on the horizon and we want to remain nimble and keep more cash on hand while turmoil in emerging markets continues.

Andrew Keene

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