NEW YORK ( ETF Expert) --In the steamy September days of central bank euphoria, back around Sept. 13-14, Federal Reserve Chairman Ben Bernanke announced the Fed would immediately begin purchasing $40 billion in mortgage-backed securities each month. What's more, the chairman did not include an end date for the quantitative easing program known as "QE3."Bernanke's summertime bazooka sent S&P 500 stocks skyward, as the heralded benchmark hit an intra-day level of 1,474. Scores of media players began chatting up the possibility of year-end highs in the mid-1,500s. One month later, however, the S&P 500 has shed some 50 points off of its 52-week peak. Perhaps ironically, the declines have occurred in spite of the best consumer sentiment reading in five years as well as the lowest unemployment rate reading in 3 1/2 years. Does this mean that QE3 has essentially lost its mojo? Is it a classic case of buy the rumor sell the news? To some extent... yes on both. There has also been a shift in focus back to a number of poor earnings reports as well as a rekindling of the European debt crisis. Most notably, Spain has yet to budge on agreeing to the European Central Bank's bailout terms. Nevertheless, QE3 is still benefiting
Others may be more comfortable with individual currencies that have shown remarkable strength since the president of the ECB, Mario Draghi,
pledged to do whatever it takes to save the euro. One of the most impressive currencies in terms of relative strength has been the Indian rupee. ETF enthusiasts could consider the WisdomTree Dreyfus Indian Rupee Fund ( ICN). This article was written by an independent contributor, separate from TheStreet's regular news coverage.