After 7 to 8 days of back to back negative days a reflex bounce is what we witnessed yesterday.
Will there be "sustained" follow through. The move almost faded before last 5 to 10 minutes of spike at close. We will know in next 48 hours whether the bounce has staying power.
One of the problem for the market might be severely depleted leadership. Some f the leaders that were holding up relatively well a month or so ago are now in bearish camp.
The rally leaders from previous bounce have some stocks holding up well and going sideways.
You can find them using the pcf 100 * C / (C'10/03/11') sideways. Those stocks have potential for further upside if the rally attempt sticks.
Cash is better option in this market as of now for swing trader.
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