Highly doubt that the Fed will use a NASDAQ dump as an excuse to continue QE longer than a 10 billion per meeting schedule allows, absent other factors. The NASDAQ is in bubble territory, and I suspect that they’re seeking to deliberately deflate this bubble since a fall from 4300 is a lot less painful than a fall from 7500.

Remember that a 25% leg down on the NASDAQ from peak will only put us back to last April (3200 or so). Also, the Fed voting members are (thankfully) more conservative in 2014 than they were in 2013, so Yellen’s supposed craziness is balanced by other voting members.