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Dow and S&P down as the market waits for Fed Minutes

There is no doubt that the markets are scared, it knows that at any point  the party will be over and they would be no more stimulus. The S&P 500 has been down two of the past three months after a major bull market. At 2 P.M. today that fed will release minutes for the FOMC meeting.  A hawkish expectations could lead to a rally in the currency markets. So far today, EUR/USD has been down. 

If the fed gives any hint of tapering, it could send the equity markets tumbling, as we saw from last time, a simple change in rhetoric could cause a major reaction. We can only wait for now.