Adopting a Wait-and-See Approach

 | Dec 12, 2011 | 4:02 PM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:


If it weren't for the CurrencyShares Euro (FXE) down here at $131.34, I would be tempted to think that we could bounce right back. Instead I am worried about having to go to DEFCON 2 soon, which is what I said I would have to do if the FXE took out $131, the critical level we have bounced off of two other times.

Plus I don't like to see gold so low. It shows that the IMF isn't coming to Europe, and the printing of euros to backstop the countries that are actually trying to get it right isn't going to occur.

Why not go to DEFCON 2 right now? Because it has paid to wait to see. The fact that the market did not break down in the last half hour intrigues me and makes me want to see what the Germans do tonight. They watch the euro like a hawk, and market participants know it.

So I am giving this market the benefit of the doubt for the next 24 hours before going on totally heightened awareness that something out of Europe will rip into our markets and give us a price break that will be reminiscent of the end of September.

Columnist Conversations

GS has cleared the important hurdle on the way up which increases the odds for an eventual rally towards the 1...
A good quarterly report has sent shares of Calamos Asset Management (CLMS) sharply higher. CLMS was up about ...
Electronics distributor Ingram Micro (IM) reported better than 16% growth in its Q3 sending the stock up about...
Market posting decent day considering Ebola getting headlines again. Believe investors have learned not to pa...



Columnist Tweets


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.