Flip a Coin

 | Jul 16, 2012 | 11:27 AM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

exam

,

mlnx

Friday's action was a poor setup for sustained upside to start this week. Obviously, market players were feeling optimistic about the potential news flow this week and probably chased things a bit too much. They are having second thought this morning, and I'm seeing comments about how the macro situation simply doesn't justify much upside.

I don't know about that, but I am very concerned that Fed chief Ben Bernanke may disappoint the market when he speaks before Congress this week. The conditions are not right for him to make a major announcement about quantitative easing, and I expect him to repeat that the Fed is ready to act as needed.

The market has reversed and it is at the highs of the day, but I don't expect the buyers to create much momentum with the risk of Bernanke. Earnings from Goldman Sachs (GS) and Coca-Cola (KO) are scheduled before tomorrow's open, but I don't expect them to have too much impact.

One of the more worrisome developments today is that the iShares Barclays 20+ Year Treasury Bond Fund (TLT) is testing all-time highs. That is a safe-haven play and reflects concerns about equities. Financials are holding up, which is good, but as far as leadership goes, it just doesn't exit right now.

I'm dinking around with a few short-term trades. Examworks Group (EXAM) has a nice looking chart. Mellanox Technologies (MLNX) is my stock of the week and it's bouncing back after some early pressure. Nanosphere (NSPH) is one I've discussed recently and it is close to flat after an early dip.

There isn't much on my radar and with Ben Bernanke on deck, the market is a coin flip right now.

Columnist Conversations

CHECK IT OUT HERE Lot's of great out and underperformer picks, as well as M&A ideas that you don't always ...
The major market indices continue to move within the parameters of the Fibonacci retracement levels measured o...
Since we cleared a key decision on the way up, I want to watch this pullback for an entry if it fires off a bu...
Conclusion DDD is down today on new that the firm has cut revenue forecast due to production issues. The issue...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.