To Taper Or...

Fed just had cold feet while it was expected to taper its QE last week. That caused huge covering in the markets, and everything from estonia to timbaktoo rallied. 

Well, the euphoria may be short lived when the talk start again. The consensus is now for a december taper, and it doesn't give much of a breathing space. The rally may be short lived, and we may soon be staring down the barrel again. 

Things are getting messier and messier, and doesn't look like it would have a happy ending.