Economic reports released this week will let the market know if there's a light at the end of the tunnel. What do the professional traders of TraderInsight.com think?

Here’s the list of 3 stocks our professional traders will be watching this week:

Wells Fargo (WFC), Goldman Sachs (GS), Hartford Financial (HIG)

Adrian Manz, Stock Intraday Trader

We have not seen a run in the markets as great as the one put in over the past five weeks since 1938. The unprecedented gain of nearly 30% had many traders anticipating a move back to recent lows and then, Wells Fargo decided to muddy the waters with a record first-quarter profit. That sparked a short covering rally that now has us firmly back to levels that we have not seen since February of this year. It does take a bit of the wind out the sails when we look at the recent price action in terms of where we are compared to a year ago, but that does not invalidate the opportunity that is available for traders on the long side of the market. My own trading is short enough, in terms of time in the market, that I pretty much plan to ride each ebb and flow in the direction of the short-term trend. That translates into plenty of entry opportunities as news and rumors are whipping the indices through giant swings.

A holiday-shortened week generally does not provide much in terms of entry signals going forward, but the price action in the banks has proven to be an exception. I will focus squarely on that sector this week, looking for signs of continuation or pullback entry opportunities on the five-minute charts of Wells Fargo (WFC), Goldman Sachs (GS), and Hartford Financial (HIG). Each is the subject of much conjecture in the media and there should be plenty of tradeable moves between floor trader pivot levels throughout the week.

Tom Incorvia, Stock Swing Trader

Even though last week was a holiday-shortened week, the broader averages posted another weekly gain. That makes five weeks in a row. Both the S&P 500 and Dow Jones Industrial Average are within striking distance of being in the black for 2009. As the markets continue their push higher, the industry groups are showing relief by running about 50/50 positive and negative.

The spotlight will once again be on corporate earnings as first quarter earnings season starts to heat up. More important than the numbers will be the forward looking guidance. Companies have lowered first quarter numbers so much that most investors are ignoring the actual numbers all together. There are also several key economic releases that may weigh on the markets. The March Producer Price Index (PPI), Consumer Price Index (CPI) and Retail Sales will carry the most weight with traders.

The broader averages have seen a 25 percent rise over the last five weeks, so a rest is highly probable. As a market technician, I do not predict market actions, but react to them. Because first quarter earnings ramp up this week, I’m expecting the market to tip its hand to a near-term direction. Is the rally that we have enjoyed been nothing more than a bear market rally or will bulls show resolve and continue to push higher?

Dave Mecklenburg is the Editor-in-Chief of TigerSharkTrading.com.