Editor's Note:

The last two weeks have produced a sharp rebound in stocks. The major averages are back above important resistance levels. Yet I don't see anything as a must-buy right now kind of trade. On a short-term basis stocks will probably continue to drift higher as mutual funds window dress their portfolios into the quarter end March 31st on Thursday.

Bigger picture the mid to late June time frame is pretty hazy as the Fed winds down their QE2 program. I'm starting to wonder if the markets will see another correction come July. For now the market's trend is up and I remain optimistically bullish here. Q1 earnings season will begin in mid April and offer a lot more clarity on corporate earnings and guidance going forward. The earnings results will either renew the market's rally or halt it.

Overreaction to earnings news in April could also provide some new entry points so I'm not in a rush to load up on candidates. No new trades tonight.