Editor's Note:

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 call plays to the newsletter at this time. Since I think stocks might bounce for a couple more days I'm not adding puts tonight either.

If you are nimble enough you might be able to find a bullish trade with some of these candidates below:

ISRG - appears to be breaking out from a multi-week sideways consolidation. Caution - options are expensive.

WYNN - appears to have found support near $128.50. A rally past $134.00 could be a new bullish entry point but I am concerned about over head resistance near $140.00.

DLTR - is showing lots of relative strength and a new closing high and a consistent trend of higher lows.

ORLY - I would not chase it here since the stock closed near resistance at its December highs but the trend is definitely up and shares are worth watching the next few days for a possible entry point.

CAT - has found some support near $95 and its 200-dma. Nimble traders might be able to scalp a few points on a bounce.

MCD - this defensive stock has rallied back toward its recent highs near $83.00. A breakout here would be a new all-time high.

- James