Kaminsky's Call: Bounce-Back Rally to End Ugly Quarter

Stocks are at an inflection point. Either Europe's problemsare going to hammer profit forecasts or the markets are poised for a short-term move higher.

Today's "Call-to-Action?" Watch for companies to use Europe as an excuse for poor guidance. But if that doesn't happen, and it turns out the negative news has already been priced into equities, get ready to rally.

That's essentially what BlackRockPresident Rob Kapito told us on Friday. He remains bullish on equities, and if he's right, the summer swoon may be closer to an end than a beginning.

The stated goal of the "The Strategy Session" is to put you ahead of the money, and that's what we accomplished with our guests this past week: John Mack, Chairman of Morgan Stanley, and Jimmy Lee, Vice Chairman if JP MorganChase, told us the fees on the GM IPO would be low.

Donald Drapkin told us about the massive amounts of cash sitting on corporate America's balance sheet—a topic that was later written about in the Wall Street Journal.

Mark Cuban told us of his intention to tender his Lions Gate Entertainment shares.

If it turns out Kapito was right, and stocks have already priced in Europe's woes, then be ahead of the money and position yourself for a bounce-back rally.

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"The Strategy Session," hosted by David Faber and Gary Kaminsky, airs weekdays at Noon ET on CNBC.

Gary Kaminsky does not hold any equity positions.

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