Another day or two upside may be all the majority of the stocks and the indices can deliver ->

The FOMC minutes are out and now a focus on earnings?  Should be.  The question is, will they drive the market higher as so many prognosticated ahead of the season?  Even so, the major stocks and the indices are in rebounds from damaging selloffs, and in the majority of cases you can only milk so much from these kind of rebounds.  Thus, another day or two upside may be all the majority of the stocks and the indices can deliver.  

That means if there are a couple more upside sessions you have to start looking for a pullback to test the prior selloff low.  That does not mean an automatic bail out, just to be watching for it.  This applies to stocks that rebounded from harsh selling, hit resistance and start rolling back over.  Others that are in good patterns that we picked up this week should be able to continue on.  It will be an indication of market health as to whether they can or cannot.  

As for new plays, well, if you are looking at the potential remaining upside on this bounce, you have to truncate your buys for the most part.  That said, there are some areas and good patterns that have defied the selling, e.g. retailers, gold, manufacturing -- these can provide opportunity outside the big names that brought the market to the prior high.  We can selectively pick up some of those if they present the opportunity.