Again stocks closed lower on Wall Street with investors worried that the economy was stuck in a terrible rut.
Two major catalysts dragged the market into negative territory.
First, the central bank said it would keep buying $40 billion in mortgage-backed debt per month to push interest rates lower. The Fed also repeated its vow to keep interest rates near zero until mid-2015.
Although that may sound bullish, largely pros interpreted the statement as a sign the Fed was worried that the economy was fragile – perhaps too fragile for a sustained recovery to endure.
Also, more weak earnings outlooks and top-line revenue misses from large multinational companies reignited worries about a slowing global economy.
Is the market in trouble?
Trader Guy Adami thinks it is. The managing director of stockMONSTER.com feels it's largely overvalued.
"I do not think historical multiples are appropriate considering where we are now in the world," said the Fast Money pro.
In other words the market may no longer trade at a 14.5 or 15 multiple because the global economy is slowing "to the point where that's no longer the right multiple."
Instead Adami thinks the market should trade at a 12 or 13 multiple. "And I think the S&P earns $100 – you do the math!"
Not everyone is as bearish as Adami. Trader Tim Seymour is relatively bullish. The founder of EmergingMoney.com, sees green shoots.
China's manufacturing sector hit a three-month high in October on stronger new orders data, according to a key initial reading released Wednesday.
Also, sales of new U.S. single-family homes soared in September to the highest level in nearly 2-1/2 years, offering more evidence that the housing market's recovery is improving.
"And there's no way that QE3 has hit earnings, yet," he said.
Posted by CNBC's Lee Brodie
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to email@example.com.
CNBC.com and wires