It's likely a little of both, but we have a clear history recently of "sell on the news" with the Federal Reserve.
Remember, the S&P 500 peaked at a 4.5-year high on September 14th, one day after the Fed meeting. Traders had bought into that meeting, and they did not disappoint, announcing more stimulus, right on the heels of the European Central Bank's announcement of its open bond buying program September 6th.
They bought right into the Fed meeting, and sold right after it.
(Read More: Why the Fed Deserves Credit for the Recovery)
And they are doing it again. The S&P hit a two-month high going into the meeting, and soldff right after it.
Scary that an additional $45 billion in monthly buying of Treasurys from the Fed doesn't get us more bang for our buck, isn't it?
(Read More: Junk Bonds: The Next Bubble to Burst?)