The Fed Delivers

 | Sep 13, 2012 | 1:23 PM EDT  | Comments
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Stock quotes in this article:

elli

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nsm

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hlss

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aumn

The Fed delivered the QE3 that market players were hoping for and it's been a one-way move up since. Usually, there is a whipsaw or two, but it is all buyers so far.

As I've been discussing lately, the tendency of this market recently is to buy the rumor and to buy the news. We do not see the "sell the news" reaction that the bears keep betting on. Even the poor underinvested bulls keep hoping for some weakness so they will have some better entries, but it's not happening.

So far, this looks like a repeat of the European Central Bank-news action. The market gained strength and closed at the highs on that decision, and it is already hitting a new intraday high as I write.

I've been buying stocks I've discussed recently on the news, such as Ellie Mae (ELLI), Nationstar Mortgage Holdings (NSM), Home Loan Servicing Solutions (HLSS) and Golden Minerals (AUMN).

I'd love to put more money to work, but entry points remain very difficult.

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