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.

As for Wednesday's scheduled news, Hovnanian Enterprises ( HOV) is slated to report its fiscal second-quarter results before the opening bell. The average estimate of analysts polled by Thomson Reuters is for the Red Bank, N.J.-based home builder to report a loss of 32 cents a share in the April-ended period on revenue of $299 million.

The data on the housing market has been mostly positive of late but Wall Street is taking some profits as the broad market sours. Hovnanian shares closed Tuesday at $1.70, up nearly 20% for the year, but the stock began May above $2.

The home builders enjoyed a huge rally early in the year with Hovnanian's stock hitting a 52-week high of $3.31 on Feb. 9 but bullishness about the volatile group has been waning. KB Home ( KBH) reached a peak of $13.12 on March 16 and closed Tuesday at $6.77; D.R. Horton ( DHI) finished the day at $14.86, down 17% since hitting a 52-week high of $17.91 on May 2; and shares of Lennar ( LEN) have dropped more than 15% since topping out at $30.12 on May 16.

The sell side is still very down on Hovnanian with 11 of the 12 analysts covering the stock at either hold (3), underperform (4) or sell (4), and the 12-month median price target. The company has been a loss maker for years but is starting to grow the top line again. It's missed Wall Street's expectations for its quarterly results in five of the past eight quarters and has $166 million in cash vs. $1.67 billion in debt on the balance sheet so diving in isn't for the faint of heart.

Check out TheStreet's quote page for Hovnanian for year-to-date share performance, analyst ratings, earnings estimates and much more.

Other companies reporting quarterly results on Wednesday include Analogic ( ALOG), Brown-Forman ( BF.A), Cyberonics ( CYBX), Men's Wearhouse ( MW), Pall Corp. ( PLL), Pep Boys ( PBY), and Vail Resorts ( MTN).

The economic calendar features the Mortgage Bankers Association's weekly mortgage application index at 7 a.m. ET; data on productivity and unit labor costs for the first quarter at 8:30 a.m. ET; weekly crude inventories data at 10:30 a.m. ET; and the release of the Federal Reserve's beige book snapshot of economic conditions for May at 2 p.m. ET.

And finally, shares of Mattress Firm Holding ( MFRM) was the big loser in late trades after the Houston-based company fell short on revenue in its fiscal first quarter and gave a below-consensus outlook for the top line for the second quarter.

The company posted a profit of $9.7 million, or 29 cents a share, on sales of $209.8 million for the three months ended in April vs. the average estimate of analysts polled by Thomson Reuters for earnings of 25 cents a share on revenue of $212.1 million. Mattress Firm also forecast revenue of $270 million to $275 million for the July-ending quarter, below the $278.3 million analyst view.

The stock was last quoted at $30.60, down 13.2%, on volume of more than 150,000, according to Nasdaq.com.

-- Written by Michael Baron in New York.

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