Talking Points:

• A further $10 billion Taper by the Fed failed to push sentiment over the edge into 'fear'

• The backdrop for investor trends is still crumbling and increasingly exposed to 'event' risk

• Emerging Markets remain the greatest risk, but the docket is also loaded with data like US 4Q GDP

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The Fed made a move to further wind down its massive stimulus program, but speculators are not panicking just yet. But, how long can sentiment hold up record highs in benchmarks like the S&P 500 and record leverage against the backdrop of fading central bank support, an growing frequency of volatility events and an unflattering outlook for growth and yield? In today's Trading Video, we discuss the big picture view of speculative trends, the catalysts that are still in play for stirring sentiment and the trades that fit the different outcomes.

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