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NEW YORK (TheStreet) -- Market participants have been able to focus on corporate earnings over the past week and a half, rather than macro headwinds.

According to


Jill Malandrino, who is with Dan Collins of

, Tuesday's release of the nonfarm payrolls report for September has restarted talks of tapering.

It is now widely expected that the

Federal Reserve

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will hold back from tapering until sometime in 2014.

Collins said that tapering had always been dependent on the labor markets and economy, but that changed when the debt ceiling debate emerged earlier this month, and that it was the second time in three years the U.S. government seemed to play with the idea of defaulting on its obligations.

He even questioned why fund managers owning U.S. Treasuries, wouldn't want to reduce their exposure.

The fact that the

S&P 500

has rallied 24% this year would aid the argument that the Fed could start to trim its asset purchases, Collins suggested.

In the end, it all circles back to when the Fed will feel it is time to finally taper. With the labor market only slightly improving and plenty of international and domestic headwinds, it could be tough for that to happen, he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.