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EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stock Under $10 that he thinks could potentially double or triple in the next 6 to 12-months. See what he's trading today with a 14-day FREE pass.

The Day Ahead: Break Out the Whooping Stick

Second, all eyes are on the 2013 estimates to the Fed's economic projections. On the release of the last set of targets, the Fed slightly raised its gross domestic product forecast for 2013, but left the core personal consumption expenditures index unchanged. Mr. Market says this could be reiterated Thursday. #NoGood

Of course, if the market continues to cede ground into the December Fed extravaganza, an investor will have to be prepared to act opportunistically. Amid more attractive valuations, and as the market forces the Fed's hand, Stocks could enjoy a typical pop from odd easing efforts. (Fed chief Ben Bernanke loves the market). For the time being, though, stay overweighted on cash -- meaning, in my realm of no jargon, have a higher amount of cash on hand as opposed to risk on the table.

Reassessment Checklist

First: We'll see the Russell 2000 reach 796 and change (the Aug. 14 close)

Why: The index should hold convincingly as the possible signal fiscal cliff is minimized -- and, with it, the domestic economy will averts the worst-case scenario.

Second: We'll see 1365 on the S&P 500 (Aug. 2 close)

Why: It holds convincingly; stocks will have survived the resurfacing of Europe headline risk and first round of fiscal cliff shock.

At the time of publication, Sozzi had no positions in the stocks mentioned, although positions may change at any time.

Brian Sozzi is Chief Equities Analyst for NBG Productions. In this capacity, he is responsible for developing independent financial content and actionable stock recommendations (including ratings and price targets) for an institutional and retail investor base. In addition, Sozzi is the Editor in Chief of the "Decoding Wall St." investor education online platform.

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