We traded today with Bull Put Spread on SPY with short leg at $159, it got filled completely at 3%. Fed is not tapering off bond buying program yet but indicated that if its Forecast of economic improvement stays on the course, it will start tapering off the bond buying later this year and it sees QE ending by mid-2014 with unemployment rate being about 7% that time. FOMC stands ready to quickly adjust buying more before or after tapering the purchases if economic situation worsens. Most of the Feds see beginning of interest rate hike in 2015. Markets fell in earnest as the reality of a tapering and then ending in QE sank in - even as the chairman was at pains during Press Conference to prove it's anything but a tightening move. Major indexes lost between 1.1% and 1.4% for the day. SPY closed at $163.45 leaving a cushion of $4.45 for our trade with two days of trading left for the week.