3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The markets soared after the Fed's decision to maintain the status quo on interest rates and quantitative easing. The Dow Jones Industrial Average jumped 95.59, or 0.76%, to 12,690.96. The S&P 500 rose 8.42, or 0.62%, to 1355.66. The Nasdaq gained 22.34, or 0.78%, to 2,869.88. The trading panel on CNBC's "Fast Money" show focused on Bernanke's comments in his first press conference. Tim Seymour commended Bernanke for his transparency and for not "throwing any curve balls." He said the Fed will do all that it can to get people to invest in the U.S. even though it means living with a weak dollar, a route the markets have endorsed. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Karen Finerman said Bernanke obviously wants to continue on the course he's taken and deal with reality later. Brian Kelly was struck by how much Bernanke said and how he provided the reasoning behind the Fed's moves. He said his comments will move the markets higher because investors have to be in assets that beat inflation. Zachary Karabell said the market likes the "endless liquidity" the Fed's policy is producing. He said there's no hint yet just when the pullback will occur. Karabell also noted that a number of Fed governors would like Congress to remove the full employment mandate from the Fed and have it just deal with price stability in the manner that the European Central Bank does. Melissa Lee, the moderator of the show, said that silver recouped its big loss on Tuesday by surging 6.21% today. Kelly maintained that gold is still the better trade, noting silver is too speculative. Seymour agreed, saying that the rise of silver is being fueled by the falling dollar. Kelly said that the moves in silver are volatile because it is a small market that is vulnerable to swings in the futures. Karabell said he was comfortable with the silver trade because it is "a pure liquidity trade" and a momentum play.