However, Tesla had little effect on the broader markets for the day. The majority of the focus remains to be on stocks taking a breather before either heading much higher or much lower. Also, investors seem a little skittish ahead of the Fed chairman's testamony on Capitol Hill, which starts Wednesday.
Fed Chairman Ben Bernanke essentially will be speaking for the entire FOMC, said guest contributor Robin Harding, the U.S. economic editor for the Financial Times. He added that he doesn't expect Bernanke to veer too far from the Fed's stance last seen in June or shed any light as to whether or not he will remain as the Fed chairman next year.
Harding agreed with Seymour, who said he expects Bernanke to drift into the background until the data say otherwise. Harding also said he expects the Fed to remain supportive of the economy should the data justify it. However, the big question continues to be to what extent can investors rely on Bernanke's comments about what the Fed is going to do in 2014 and 2015 if he's not going to be there?
Adami said that he doesn't expect the market to linger around this level for very long. We're either going to go significantly higher or significantly lower in the next few trading sessions. Perhaps slightly favoring the upside, he said that he wouldn't try and fade the next 15 or 20 points higher on the S&P 500.It's also obvious that with all of the earnings this week, stocks will be moving. One name that reported Tuesday morning was Coca-Cola (KO), which had in-line earnings but a miss on revenue. Management blamed weather as one the factors contributing to the results. Tim Seymour said that he liked Coke, but investors didn't see the sales numbers they wanted going into the quarter. However, he did point out that margins looked very healthy and increased at an acceptable rate. Despite liking the company, he's not all for the stock over $40, calling it a little "toppy" around $41. Johnson & Johnson (JNJ) also reported earnings Tuesday. Despite both a top- and bottom-line beat, the shares ended flat on the day, after initially making new all-time highs in the morning session.