Stocks Wait for Fed Announcement, Greek Aid Resolution

Scott Redler |

From a stock specific standpoint, continue to narrow your focus onto sectors showing relative strength and weakness. If you want to buy the dips in the market, focus on the big cap tech leaders like Apple (AAPL) and (AMZN). AMZN was leading the pack for most of last week, but this week AAPL has been the strongest stock on our board. The stock exploded Monday despite a down market and extended significantly higher again yesterday before pulling in sharply with the rest of the market. Even at $400+ AAPL remains fundamentally undervalued.

On the flip side, banks continue to act weak. Last week they got a temporary boost when world central banks announced a coordinated effort to shore up the capital base of select troubled European banks. However, the move was a basic admission that a crisis could be imminent, and a Greek default would put significant pressure on banks. Look to short banks on market weakness, or even potentially playing an inverse ETF like FAZ long if you have the risk appetite.

In earnings news, a coal stock we often watch, Walter Energy (WLT) missed badly on EPS and is trading 11% lower. WLT had seen a run-up recently due to takeover speculation, but the numbers rule and it's a harsh reality for WLT investors.

*DISCLOSURE: No positions

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Symbol Name Price Change % Volume
AAPL Apple Inc. 115.59 -2.66 -2.25 66,122,566
AMZN Inc. 822.59 -12.59 -1.51 3,993,108
BBRY BlackBerry Limited 7.26 -0.01 -0.14 3,072,369
BX The Blackstone Group L.P. Representing Limited Par 25.38 0.34 1.36 5,456,402
CUBIPRC Customers Bancorp Inc n/a n/a n/a 0
GOOG Alphabet Inc. 799.07 -8.60 -1.06 1,647,190
KKR KKR & Co. L.P. Representing Limited Partnership In 14.87 -0.01 -0.07 2,367,520
NOK Nokia Corporation Sponsored American Depositary Sh 5.16 0.19 3.82 16,723,144
PAY Verifone Systems Inc. 15.99 0.20 1.27 1,959,960


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