As recently as Tuesday, I thought news of a Janet Yellen appointment for Federal Reserve chair would go a long way toward reversing stock market weakness. But though President Obama is due to nominate Yellen for the Fed chairmanship on Wednesday, it seems the market has already priced in the news.
It's also possible that, although the market views Yellen as dovish, we realize that she's only slightly more dovish than the current chairman. In other words, all in is all in. Given Ben Bernanke's accommodative policies, how much more dovish could a reasonable Fed chair get?
(Read more: Confirmation seen for 'feisty lady' Yellen)