This Day On The Street
Continue to site right-arrow
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!

Stocks Finish Mixed in Ho-Hum Session


"The uncertainty now begins," said Paul Donovan, a global economist with UBS, in reference to the composition of the new government and how the renegotiation of Greece's bailout terms will progress.

German Chancellor Angel Merkel has already asserted that the new government should not be given any wiggle room to negotiated the terms of Greece's bailout.

A full European Union summit is slated to take place in Brussels on from June 28-29, following this week's G20 summit in Mexico, where leaders will focus on discussing ways to boost political and economic ties to bolster market confidence. Until then, "it's going to a bumpy ride," said Peter Cardillo, chief market economist at Rockwell Global Capital.

"We need to get some real concrete moves out of the euro group and I suspect that behind the scenes there is talk eventually of euro bonds, and those are things that the market wants to really see and hear," said Cardillo.

David Rolfe, manager of the RiverPark/Wedgewood Fund, pointed out that summer is in full swing, and with liquidity down, investors should expect choppiness in the markets -- "it will be a ping pong match, back and forth."

Meanwhile, the yield on Spanish 10-year bonds rose above 7% Monday amid reports that bad bank loans in the country have reached an 18-year high, sparking concerns that the country will require a full bailout.

Spanish banks may reportedly now need €150 billion, rather the €100 billion agreed to last weekend, in financial support from the eurozone.

Ahead of the Greek elections, the markets were preparing for global central bank coordination to boost liquidity, if needed, should the event lead to chaos. But investors are now doubtful that the Federal Reserve plans to make any major moves at its regular policy meeting this week, though an extension of its Operation Twist bond-maturity extension program is possible.

"There's a theory of diminishing marginal impact of more successive QE," said Rolfe. " For the Fed to act with some level of decisiveness and do something that would move the markets, there would have to be more bad economic data. I'm not seeing any stresses or fissures that would require the Federal Reserve to make any surprising moves this week."

July crude oil futures fell 76 cents to settle at $83.27 a barrel. August gold futures slipped $1.10 to settle at $1,627 an ounce.

2 of 3

Select the service that is right for you!

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 17,613.06 +256.19 1.48%
S&P 500 2,038.30 +25.41 1.26%
NASDAQ 4,707.1580 +62.8460 1.35%

Brokerage Partners

Rates from

  • 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