Ho-hum. Stocks didn't do much of anything today, as traders continue to weigh the odds of more upside versus the potential for a pullback. The S&P 500 closed just a hair under breakeven levels. There's still plenty of stuff going on to talk about though, like bonds resuming a downtrend that's going to make stocks even better-looking than they already were. Advertisement Will this event trigger the next Great Depression? The Florida-based economist who predicted nearly every major financial event of the last thirty years now warns that we are sitting on the precipice of the greatest financial crisis in history. To see his detailed analysis, click here. Advertisement The chart you're about to see is the same one we showed you yesterday, but there were enough changes today to merit an update. Specifically, the 20-Year Treasury Bond ETF (TLT) renewed its downtrend, wiping away any reasonable chance at a renewal of the March-May rally. The yield in 10-year treasuries (TNX) also ticked upward to multi-week highs, in step with the pullback from bonds. As we mentioned yesterday, anything that makes bonds look bad has the potential to make stocks look good. The rise in bond yields lines up pretty well with the increase in the value of the U.S. dollar, as it partially should. The dollar also moves in tandem with inflation, but that's a bigger-picture force. For today, we have to presume global investors are weighing what the ECB did in Europe and what appears to be going in with rates here in the United States, and is deeming it a plus for the sawbuck. What's odd about the continued rise in the value of the greenback and bond yields is how it's also being matched with a rise in gold, as measured by the SPDR Gold Trust (GLD). It shouldn't be happening. If anything, gold should be falling with the U.S. dollar and interest rates rising. One or two days of misaligned movement is understandable. This has been more than a few days though. Something's got to give soon, and I've got a feeling gold is going to peel back as the dollar and yields continue to rise. What's it got to do with stocks? Well, nothing yet, other than the fact that rising gold prices siphon some money away from the stock market. It shouldn't be happening quite this way though. There's no conclusion I can make here - we just want to get the data on the table so you know what we're talking about when the time comes to make a conclusion. We'll come back to it when one of these trends finally snaps. On something of a side note, I still get the feeling the stock market's rally is getting tired... tired to the point where there's just no gas left in the tank to push the market any higher. It's got nothing to do with any technical indicators or technical clues. It's just a feeling I'm getting here in the shadow of a 4.2% runup in just a little over three weeks. The market's overbought, the VIX is disgustingly low, and despite the S&P 500's earnings growth in Q1, based on data from the Bureau of Economic Analysis, overall U.S. corporate profits - in total - were actually down nearly 10% in Q1. None of this reality became a big problem today, but we're starting to see glimmers of doubt based on the way the rally's starting to slow. We'll talk more about it tomorrow. For now we've got some other business to take care of. Adding Four Possibilities to the Watchlist Since the market's basically on the fence today we're going to go ahead and show you the names that popped up on our watchlist (of potential buys) this week. We're not adding any of them to the portfolio until we get some more clarity on the overall market's next direction. After all, three out of four stocks move in tandem with the market; if the broad market tanks it'll likely pull any new trades down with it. However, if we see a pullback and a quick recovery or if we just see more strength, odds are good these stocks will lead the charge. From smallest to largest: Cohu With a market cap of only $283 million, Cohu (COHU) doesn't garner a lot of media attention. It's an interesting play though. The company makes chips for mobile communications and video cameras, along with testing equipment for a variety of semiconductors (although it's selling its video camera business in an effort to streamline its business). Whatever the case, business has been tough for Cohu since 2011. The company even slumped back into the red in 2012 where it's been ever since. There's a turnaround in motion, however, most investors don't see coming. It's coming fast too. The forward-looking P/E (2015) is only 9.7. We like the way COHU is making higher lows and trying to clear the ceiling at $11.40. If it clears $11.40 it's a whole new ball game. Honestly though, we'd like to see the stock pull back a little bit, regroup, and resume the uptrend at a more sustainable pace. We'll see. Medifast Unlike most of its weight-loss product and diet food peers, Medifast (MED) seems to have a consistently marketable product base in place. Sales and earnings grew nicely through 2012, and though both plateaud in 2013 the company is expected to hit the gas again by 2015. In the meantime, there's enough value here to keep shareholders appeased and interested. But what about the potential involvement of activist investment group Engaged Capital? I think it's a situation that can only be good for the stock, long-term and short-term. Much like Cohu, we've seen a string of higher lows from Medifast but have not yet seen a high above the resistance level at $33.30. There's a lot of potential brewing up here though. Medifast, like Cohu, is also a name I'd possibly buy on a dip, depending on what the dip looked like at the time. AZZ Incorporated While you may not have heard of AZZ Incorporated (AZZ), there's a good chance you have used or currently use something it's touched. The company galvanizes steel used by the heavy construction industry. It also builds and installs power generation equipment. It may not be sexy, but it's got teeth, and it's consistent. Sales and earnings have been growing impressively since the recession, and are expected to do the same for the foreseeable future. Forecasters say the top line should improve by 13.7% this year, and by 6.8% next year. At the same time, earnings are expected to grow 13% this year and 27% next year. The forward-looking P/E is only 13.8. What really hooked me - almost - on AZZ, however, is the way shares haven't gone anywhere in over a year. The shape of the chart suggests that's about to change with a slingshot-like move out of a rut below $46.00. One bump could do the trick, and honestly, I'm not even sure we should wait until it happens. It looks like a storm's been brewing for a while now. Among the four, AZZ is my favorite possibility. Genesco Yes, this is the same Genesco (GCO) we got into in March and out of in April. As we said when we finally pulled the plug on the shoe company, we think the stock's got a lot of upside potential. We just didn't have it at the right time. Looks like now is the right time, or at least getting close to the right time. Of the four new additions to the watchlist though, GCO is the one I'm least interested in, and would likely be the last one I get into. That's why I'm not even going to take a deeper look at it today - most of you are already pretty familiar with it anyway. Like we said, we're not going to get into any of these picks today. There's just too much market uncertainty, and none of this week's batch looks like they have enough juice to overcome a marketwide bearish tide if that's what's in the cards. We just want to keep close tabs on these tickers for the time being. I will tell you, however, there are stocks out there right now that could be headed higher no matter what the market does next, and it looks like John Monroe over at the Elite Opportunity found one of them today. The nearby chart is one of the EO's picks from today's newsletter. No, I can't tell you what it is but I can tell you the rational is spot-on. This stock got overheated in 2013, paid the price for it in late 2013 and early 2014, but the sellers overshot. Now we can see the bulls are starting to take the helm again, and the reversal took shape right where it should have... very near a Fibonacci line. This stock has the potential to advance as much as 40% before hitting any major headwinds of previous tops. It's also worth noting this stock is well undervalued with a forward-looking P/E of about 13.0. It also happens to be one of those story stocks that investors gravely misunderstood until recently, when reality sunk in. Guess what - the doubters and naysayers were wrong. That's the great thing about John Monroe and his team at the SmallCap Network Elite Opportunity. Whereas the picks here in the free SCN newsletter largely depend on help from the market, his technique and stock searches - which are able to find strong reversals - seem to work in all environments. Whatever the case, if you're in need of a new trade, I highly recommend using your free two-week trial to the SCN EO to see how Monroe and his team pick 'em. One good trade could more than pay for your subscription, but you don't even have to worry about that when you've got the complimentary two-week test drive. Here's how to get it , or cut and paste this link: https://www.smallcapnetwork.com/?vmpd_ckstr[click_track]=Newsletter&vmpd_ckstr_redirect=/pages/SCNEO/v1/