The market appears destined to drift for awhile. We aren't necessarily in overbought or oversold conditions right now. Bernanke's testimony didn't do a whole lot for stocks. If he would have proclaimed that things were settling down, the market would have shot up. But risks remain ahead. There is still no sign of a bottom in housing nationwide.
Credit Suisse (CS) is a stock I've been watching for quite awhile, but haven't pulled the trigger on yet. They've appeared to navigate the past couple of quarters better than most, and definitely better than rival UBS. There will be headwinds for banks in 2008, but Credit Suisse is pretty well positioned. In a time when many banks are cutting dividends, they just upped theirs. The stock is trading below 1.5 times book value. The nice thing going for banks right now is that expectations have been lowered drastically, meaning it will be more likely for them to outperform.