In my prior Trader Talk note this afternoon, I noted that the was not showing signs that the market was afraid of a modest taper.
I concluded by saying, "The market is telling the Fed, you are managing our expectations well, right now. Don't screw it up."
This afternoon, with the Fed statement, Ben Bernanke not only did not screw up, he hit a home run. At least a triple! The VIX is down 11 percent!