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The market did a big reversal today. Actually I am surprised that the VIX came in as much as it did but my only answer for that is that put holders had to bail once we started to rally. Whatever set the market to making the 1.5% move from the bottom made traders dump their juice. Another place traders have been dumping juice is in TSLA.
Most of the news is out from Big Ben and hte skinny is the Fed could taper bond purchases. The market is taking it fairly well as the the SPX is down about 1% today after being up almost 1% in the morning. I take it that where the Fed has to intervene less would be a good thing but the market has had so many up days that this would be enough reason for a pause. Things still look to be just ok which is much better than before in the bad old Euro crisis days. Remember SPX 1350? Just look at last year around this time.
Elon Musk put out a tweet today explaining that he is going to have a big announcement next week. I was asked to discuss this potential announcement on Bloomberg. Here is the Video: