Why Didn't the Stock Market Sell Off on the Fed's Taper Announcement?

``What actually happened in the stock market yesterday is the following: The stock market did not initially rally at 2 p.m. on the Fed's announcement -- it did a bungee jump downward, as you can see on the daily chart here from BigCharts.com. That plunge is the patently normal reaction any sane market watcher would have expected after all previous hints from the Fed that it would begin tapering have sent the market into panic losses.''