If the day continues, as is, we will get a follow through on the NASDAQ composite. That would signal a confirmation of the rally attempt. The only problem, the market is glued to the Euro and the headline risk associated with it. If you compare the NASDAQ to the Euro, the two charts are identical. Both look like they want to at least rally into their respective 50DMA's. That would provide for some excellent swing trading opportunities, on the long side, in the already known leaders.
But, until the market can stop trading tick for tick with the Euro, holding positions for too long will be too difficult. If you don't mind swing trading, have fun with it. If you're a more conservative investor, and the rally goes on to work, you will have ample time to participate. For now protect your capital at all costs, even if it means you are under invested early.
Right now I am still on the long side, but with stops very close by. I'd rather get stopped out and get back in, rather then lose profit or capital. I do have a list of shorts, and if the opportunity presents itself will take the trades. But even on the short side, profits have to be protected quickly.
The market is in uncertainty land and that's where it confuses everyone. So either trade or stay in cash.