That a risk premium has been factoring into the market since January 26th…. gulp. Well, that’s what happens after a year-long rally that pretty removed the “oh shit, another Iraq war” risk premium. And it just so happens that Jan. 26th was the day word got out that the Fed changed it’s policy stance and the smart money began distributing shares into the rush of mutual fund money… because it’s time to begin discounting a rise in interest rates and inflation. Naz getting some support at its 200-day moving average, but it’s still a good time to have some dry powder!