Taper does not matter ANYMORE because all the money went THROUGH the markets, its not there, it is in reserves.
Think about it, they started the taper when they realized that they have enough in reserves along with dark pool volume control to manipulate it at will with the 3 trillion they will end up with in reserves and the 1 trillion in MBS sponsored garbage they can leverage against.
As long as there is no rules or regulations and they allow only 2 houses to run the machines,,,,,,,,,,,,it goes until the false flag!!!
Let's see, if the market were to take a dive sometime in the near future, after some more tapering, it would kind of look like we have to depend on the FED to keep everything "good", or at the very least, the downturn would not be blamed on QE (which is really the culprit), but it would look like the lack of QE that caused the downturn.
So now, there needs to be some rallying, but no new highs (I think), at least for a few weeks, if it's with in the realm of manipulation,
The FED seems to know the economy is headed south, and doesn't want the credit for it.
Remember, it's the cold normal winter weather that is killing car sales (people were tougher back in the 90's and would brave the cold to buy cars and houses), and the employment numbers they feed us are what move the market, not the actual labor participation rate.