Since the Federal Open Market Committee (FOMC) surprised us by deciding not to start tapering its stimulus program, we're back somewhere between listening to what random Fed members say on the sidelines of various events and finding momentum elsewhere.
The two main areas in the near future to focus on are the European Central Bank's (ECB) next rate-setting meeting which is scheduled for October 2, and the impact of the U.S. funding negotiations.
(Read more: US shutdown may create buying opportunity)
Taking the last point first, before Washington sorts out its fiscal issues, it's fair to assume that major asset classes will stay somewhat range-bound.
The U.S. began its partial shutdown in 17 years late Monday after Congress failed to agree the country's budget. We didn't die. Markets didn't crash. In fact, as political negotiations continue, bear in mind that during previous, bigger U.S. government shutdowns (there were three shutdowns between November 1995 and January 1996), equity markets actually rose.
Sure, markets have come off a bit recently, but in the grander scheme of things, Europe and the U.S. are a lot more stable now than where we were a few years back.