Fed officials kept the central bank’s $85 billion-per-month bond-buying program in place, saying they wanted to see more evidence the economy can sustain improvement before scaling back. The bull roars! S&P rises 20.76 points and the Dow lifts 147. Priceline breaks $1000 and surpasses Federal Express market cap.
The last week we have been adding to MLPs like Kinder and El Paso, REITS, Utilities, and high yield bond funds. That was very opportune for us. We bought these beaten down groups because that’s about the only thing insiders have been buying. I think we are well positioned for the next month. Even if Congress misbehaves, interest rates should be calm. Also Apple is a large holding we picked up two days ago which was good timing or lucky. I believe the market will be impressed with the new phone and the sales.