I would be wary of the market's bounce today. The market has been oversold and due for a rebound but the intermediate trend is still down. Now the bounce could last a few days but I'm concerned the market might roll over again on Wednesday following the FOMC meeting and Bernanke's press conference.
On a very short-term basis stocks look poised to move higher but I'm not willing to add bullish plays to the newsletter at this time. Since I think stocks might bounce for a couple more days I'm not adding bearish plays tonight either.
Personally, the best bet is to probably sit on your hands for a couple of days and wait. However, if you are nimble enough you might be able to find a bullish trade with some of these candidates below:
BAX - shares were showing plenty of relative strength today and have broken the three-week trend of lower highs.
UNH - this healthcare stock outperformed the market's major indices and closed near multi-year highs.
WAG - this drugstore stock has rallied toward its May highs and closed above resistance near $45.00. You might want to wait for a dip or wait for a rise past the May peak.
KFT - this defensive trade never broke down under its 50-dma and just rallied past short-term resistance. Caution - KFT doesn't move very fast.
DELL - this technology stock doesn't move very fast but shares are trending higher. DELL looks poised to move higher from here.