Editor's Note:

I think traders need to step back and see what happens. The S&P 500 has rallied toward resistance in the 1100-1110 zone with the 50-dma overhead at 1108. The NASDAQ composite has rallied toward resistance at its 50-dma. The DJIA has rebounded to its early February highs. What happens next will be a short-term turning point with a breakout higher or a reversal lower.

We already have a full play list on the newsletter. I am not suggesting any new positions tonight. Let's see what stocks do on Thursday first.