Maybe it's what the F_E_D DIDN'T SAY

Well, the F_E_D didn't say much and the market hasn't reacted much, but remember initial reactions (which may even include no reaction) are almost always wrong.

It may VERY well be what the F_E_D DID NOT say today that moves the market and that is they did not follow up on the idea of gauging the market and doling out stimulus on the merits of the economic reports rather than the timetables they have been giving. In my opinion, that was one of the scariest things for the market and why it didn't react well after the minutes. The fact that they seemingly haven't made any progress on that front or are at least not implementing anything now, may just be what the market needs to get a boost or a primer to get the market moving.