The random noise was the helter-skelter spin of all the Talking Heads on Financial Entertainment TV leading up to and in post mortem discussions re the FOMC announcement.

My point on this is consistent: turn the TV off.

If there are 5, 10, 100, or 1,000 Talking Heads, or whatever number of clowns make it onto the stage, you are not going to learn anything. These people are not there to make you money; they are simply walking billboards for financial services industry companies like Ameritrade, PIMCO, Merrill Lynch, or whatever. The more they talk, pointing you in different directions, the greater is the random noise.

An exogenous event in capital markets is a one-off variable that is not resultant from any of the usual market drivers. It is, however, an external event that is large enough to affect markets.

But in almost every case, an exogenous event is not a sustainable influence on market prices. Take for instance the November 22, 1963 assassination of President Kennedy, for which there was no forewarning. Markets dropped from fear, and then quickly rebounded as a result of greed. In fact, a new bull market started, as the chart below shows:

It may pay for you to review what is known as the virtuous/vicious cycles.

Well, yesterday, in Brazil, there was the resignation of the country's finance minister. Immediately the major Sao Paulo exchange Bovespa index dropped -2.6-pct, and the currency (Real) dropped close to -3-pct against the USD.

The Brazil ETF (AMEX: EWZ) dropped -4.7-pct on the day -- mostly at the open.

Brazil's reported inflation is presently running at an annual rate of 5.5-pct, which is high, and traders are uncertain as to the policies of the new finance minister. This situation will soon be worked out, and prices will revert to the mean average of the past few days.

But, Brazil is an interesting market that bears watching. In long-term market cycles, break-downs of a secular bull market in global equities typically start in the higher-risk emerging economies like Brazil, India, Russia, etc.

So, while the exogenous event (a replacement of finance minister) may not be a major trend-defining move, it could, like the JFK Assassination, be enough to shake markets up, and bring in new thinking, strategies and tactics.