The velocity of V bounce slowed down in last few days as it encounters selling after oversold bounce.
New leadership might be emerging in new sectors and new stocks not on most people's radar as they continue to focus on old momentum names.
To find new leadership look at stocks ranked in top 50 or 100 by TI65 or TI21. Many of them are forming sideways patterns and some are having breakouts.
Old leaders with V bounce are candidates for short sell as they run out of gas after bottom fishing and short covering is over.
Earnings are not producing the same oomph as earlier . Good earnings are often running in to skepticism.
In spite of damage to momentum leaders the big stocks and S&P and DJ 30 stocks still holding gains.
At this stage this looks more like range bound action.
From a trading point of view opportunities on both long and short side are present currently.