We are witnessing a potent rally so far today. The big question will be whether or not the indices will be able to preserve the strength into the closing bell, which will provide us with important clues about the quality of the underlying buying power that managed to show up this morning and whether or not we should even consider remaining in our short positions.  Let's have a look at the Q's.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.