Talking Points:

• The FOMC Tapered its expansive QE3 stimulus program for the second time Wednesday

• A curb on stimulus, however, has not immediately translated into a heavy selling pressure

• Emerging Market concern is still the most active and influential driver the market's face

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Risk benchmarks - the S&P 500, US Dollar, Eurozone bonds and others - are on the cusp of trend-defining reversals. But what pushes sentiment over the edge? The world's most omnipotent central bank (the Fed) announced a second reduction in its massive stimulus program, yet fear did not hit critical mass. This move to remove the safety net will certainly erode confidence, but it is apparently not the spark that detonates record risk exposure. In today's Strategy Video, we look at what the masses are looking at and determine what presents the greatest opportunity for setting our next trend going forward.

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