The Ride Isn't Over

Expect more ups and downs this coming week in the stock market. Just because Ben & Co. showed that they were at least flexible to current market conditions does not mean that they will cut rates and everything will be okay. The market is still repricing itself and will continue to do so.

The Fed move "cannot fix the subprime mortgage business for financials, it cannot fix the [collateralized debt obligation] business and the unwinding and the de-levering of the leveraged credit and it cannot alleviate some of this asset-backed paper gone bad," said UBS U.S. financials analyst Glenn Schorr.

New home sales for July will be released next week. Don't look for any good news coming out from that. Any other mortgage lenders or hedge funds that report any hint of trouble will cause a sell off to re-ignite.

Also keep an eye on the yen. It raised to 14 month highs against the dollar last week. It sent the Tokyo Stock Exchange to it's worst one day performance in almost 6 years. If the yen continues to strengthen it will cause more pain.

Overall, there may be some good buying opportunities out there. Choose carefully.