This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Greece, the Fed Hold Keys to Coming Week

NEW YORK (TheStreet) -- The Greek elections on Sunday and any news from the Federal Reserve should determine the direction of the markets in the coming week.

"If there's an overwhelming vote for the more pragmatic person in dealing with the European Union, that would be positive," explains Quincy Krosby, Prudential Financial market strategist. "If the result is not an outcome that has been captured by the markets, that would be a surprise" and could be negative, she added.

Krosby noted that about 70% of Greece's electorate has consistently expressed support for Greece staying in the eurozone but many voters don't really want the accompanying austerity measures.

"It seems like to a certain extent the market has already priced in Europe being able to handle outcome of election no matter how it goes," said Kevin Mahn, the president of Hennion & Walsh Asset Management.

Mahn says that Greece will eventually leave the euro and that Sunday's election results may market a step in that direction. But he adds that an exit from the eurozone won't happen overnight and it will take a while for global markets to feel its effects.

> > Bull or Bear? Vote in Our Poll

He also says that if Greece leaves the currency bloc then Europe will work to shore up the rest of it.

"Europe is in the first or second inning of its recession, and the U.S. is in its eighth or ninth," Mahn said.

The Dow Jones Industrial Average closed the week up 1.69% at 12,765.89. The blue-chip index has risen 4.49% year to date.

The S&P 500 rose 1.28% this week to 1,342.73 and has gained 6.77% year to date.

The Nasdaq Composite ticked down 7.18 points, or 0.25%, this week to 2,872.80. The index has risen 10.27% year to date.

"The market's up today based on a resolution in Europe and them trying to take the Greek situation off the table in the short term," Mahn said.

In examining how the market reacted on Thursday to chatter of potential stimulus measures from the Federal Reserve, Krosby noted the importance of gold.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs