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The Week Ahead: Should You Be Buying or Selling?

The markets are not out of the woods, but a number of potential plays have nearly reached attractive levels, including two well-supported ETFs, writes MoneyShow senior editor Tom Aspray. Keep your powder dry and look for a recommendation soon, he advises.

Stocks tried to stabilize last week while the Euro crisis simmered on the back burner. Even though more seem ready to accept the possibility that Greece will leave the euro, concerns over the health of the global economy continues to grow.

The decline in US durable-goods orders last week added to this concern, as did the manufacturing data from Europe and China, which indicated their economies were contracting. The chart shows that the manufacturing indexes for the Eurozone and China have been below 50 since late in 2011:

It is still my view that despite the signs of a weakening economy, Chinese leaders will do whatever it takes to avoid a so-called "hard landing." So far, they are proposing a wide range of steps to spur economic growth. But if that does not work, I would expect them to take more aggressive action as we head into the summer months.

I do not have as much faith in the collective power of the Eurozone countries to do what they have to in order to bring stability, but I am not convinced they will let things deteriorate to the stage where the global economy collapses. So what should you be doing? ...