Play It Again, Sam

Once again, the market dipped into the red midday, but was saved by the bell. This is yet more benign consolidation for the bulls, and frustrating action for the bears. Even with oil and interest rates both higher for the day, the market was able to rally into the close.

This sideways action has allowed the market to work off its short-term overbought condition. That makes it more likely that the market can rally again. The big wildcard this week will be tomorrow's FOMC meeting. I'm not sure if the market rallies or sells off tomorrow, but either way I expect it to trade higher by the end of the week.

Some standout stocks today included:

• GRMN - breaking above overhead 50-day
• ELOS - new highs
• SNDK - looks to be recovering
• BJS - new high
• ISRG - ditto
• INTC - reversing last week's selloff from mid-quarter update

long ELOS, INTC, BJS