Play Editor's Note:
Traders need to be careful here. Don't get caught up in the hype you see on T.V. Yes, it's exciting to see such a big bounce in the stock market but it's still just a bear-market rally. Stocks just don't move in a straight line for very long. There will be another entry point.
Right now the S&P 500 is nearing potential resistance at 800 and its simple 50-dma. The NASDAQ is nearing potential resistance at 1,500 and its 100-dma. The Dow Industrials are nearing resistance at 7,500. This is not the best spot to open new bullish positions.
Be patient. Closely monitor your stops on current positions. Bear-market rallies tend to run up +10% to +20% sometimes a little more. Currently the S&P 500 is up almost 20% off its lows.