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Equity markets will likely be quiet for the next 24 hours or so as the world waits on the edge of its trading seats for the FOMC to do or say something on Wednesday.

But should anyone really care? Will a decision on whether or not to taper another $10 billion in LSAP bond-buying really make a difference to either equity or bond markets?

The 10-year yield has already fallen back to 2.75% on the relief rally in bonds and a general safe-haven bid for Treasuries. And the 30-year also fell 30 basis points from 3.97 to 3.67 this month.

But do equity markets "need" slower taper to prevent a correction? Maybe Emerging Markets do, but that is another issue.

I heard some suggest yesterday that the recent sell-off in stocks is institutions "testing" and baiting the new Fed chief Yellen to see how dovish she really is, as if equities need her reassurances (again and again) that "extraordinary accomodation" means what it says.

So does tomorrow's taper action/inaction and FOMC statement matter to markets and should it? I'll share my view after I hear from you, but you can probably already tell which way I'm leaning.

Zacks Releases Their 7 Best Stocks for May, 2014

These 7 were hand-picked from the list of 220 Zacks Rank #1 Strong Buys with earnings estimate revisions that are sweeping upward. Their stock prices are expected to rise sooner than the others.

Today, this Special Report is available to new Zacks.com visitors free of charge.

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Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
KNIGHTSBRIDG VLCCF 13.97 +11.40%
MODINE MANUF MOD 16.77 +6.57%
CANADIAN SOL CSIQ 30.92 +5.85%
E*TRADE FINA ETFC 22.68 +5.48%
QUESTCOR PHA QCOR 83.14 +3.83%