The exuberance over the departure of Larry Summers from the race to succeed Ben Bernanke didn't last that long.

In early Monday action, stocks all around the world went gangbusters on the departure of the supposed "hawkish" Fed candidate. By the end of Monday, things were already cooling a bit.

And now they're cooling further.

Stocks fell in Asia (Nikkei down 0.6%, China -2%) and are lower in Europe (Italy -0.66%, Germany -0.13%, France -0.18%), and US futures are a hair lower. Gold is a bit higher on the morning.

The big news now is the US Fed meeting, which wraps up tomorrow, with high expectations of a "taper."