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Market Preview: The Waiting Game

NEW YORK ( TheStreet) -- Wall Street benefited from some eurozone headline fatigue on Tuesday but it's not likely to last long with the European Central Bank's rate decision due Wednesday.

Not that any big surprises in terms of actual action are expected but the press conference with ECB President Mario Draghi is an opportunity to get a read on what the eurocrats realistically have in the pipeline; be it a unified banking system, the issuance of shared debt or some other convoluted policy response.

It's a waiting game right now when it comes to U.S. stocks. The bias is negative but there's not a whole lot of news to trade off of. Earnings season is over and it's a light week for data. The financial situation in Spain is deteriorating but that's not exactly news, and the worries about Greece's fate seem to be on hold until the next round of elections later in the month.

Federal Reserve Chairman Ben Bernanke is heading to Capitol Hill on Thursday and the QE3 chatter is getting louder but that doesn't seem like quite enough reason to buy stocks now with so much macro uncertainty swirling around.

Wells Fargo thinks investors need to be thinking beyond the short term when it comes to U.S. equities.

"Despite the recent market setback, we continue to look at this pullback as an opportunity for investors with a 9+ month outlook to put money to work," wrote Stuart Freeman, the firm's chief equity strategist, in emailed commentary. "The very short term could easily result in more downside but we are comfortable with the fundamentals supporting our 1400-1450 year-end target for the S&P 500. There are a number of positives at work: valuations are not excessive, many of the major central banks around the world are continuing to provide liquidity to the markets and corporate profits and the economy are growing."

Of course, if you didn't sell in May, you probably aren't inclined to buy in June this year, given the damage that's already been inflicted.

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