Often Wrong, Never in Doubt

After yesterday's budget deal, your humble observer became optimistic about the stock market's near-term outlook. Naturally, today "stocks recorded their biggest daily loss in a month":

Markets pushed lower as speculation spread that a bipartisan budget agreement from Congress could raise the likelihood that the Fed will start paring its easy-money policies, a process known as “tapering,” as soon as next week.

Markets hate uncertainty, but based on today's action they hate the loss of easy money even more.