Salient to Investors:

Nicola Marinelli at Glendevon King said there is nothing new scaring the market, but most people have been long after the summer and that has paid well and having had a very good year they do not want to risk that performance in the last few weeks when there is usually less liquidity approaching Christmas and there might be a bearish announcement by the Fed regarding tapering.

Alexander Friedman at UBS said the budget deal itself is at best a signal that we won’t shut the government down at the start of the new year – it is a low base that we are declaring victory from. Friedman said the key message for 2014 is the real economy is getting better but for investors it is not going to be the same sugar high we have seen for the last 5 years.

 12 of 35 polled economists predict Fed tapering at the December meeting, 9 predict January and 14 predict March.

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