Every time we get these quick spurt rallies in financial stocks, it doesn't help things. At least not with my strategy (which is short indexes, long non-financial, weak dollar plays). Right now all the action controlling the market is with bank stocks. They rally hard, then fizzle. Because they make us such as large part of the major stock indexes, they are controlling how the numbers look. Everything else is just sort of doing its thing. I can't endorse buying oil stocks here, nor would I sell them.
The question now seems to be will the commodity plays fizzle out? Steel, gold and/or miners, oil stocks, agriculture stocks. That and short covering in financial stocks is what people are watching.
Most economic data is fairly week, but some is holding up. But this is what's ahead for us now. Lots of back and forth. Lots of uncertainty. Most investors won't like it, and many will bail for now. But its a good time to be picking away at stocks that are getting beaten up because of overall uncertainty.