Editor's Note:

The beginning of the Q2 earnings season is only a week away when Alcoa (AA) kicks it off on July 11th. Corporate results and guidance will provide a lot more data on how businesses are faring in this current environment. Will earnings guidance line up with the Federal Reserve's outlook for a rebound in the second half of this year?

The market's big bounce this past week is very encouraging since a week ago it looked like stocks were poised to breakdown under major support levels. Yet now stocks are short-term overbought. We don't want to chase them here. Therefore I am not adding any new candidates tonight.

I will admit that the last couple of months have been tough. Normally I like to add a new play every week plus a couple of new watch list candidates every week. Usually we see our watch list candidates get triggered as new plays and make the jump to our active trade list a few times a month. We have seen a lag in this activity lately. I suspect that this coming week will be another quiet one for us at LEAPStrader but I am expecting to see a lot more activity as we move deeper into July. Everything will likely depend on earnings results and how the market chooses to interpret corporate guidance.