NEW YORK ( TheStreet -- Wall Street staged a mighty rally last week despite continued uncertainty abroad and the coming week's full slate of employment data will go a long way towards determining where the major indices go from here.

A stock that hasn't participated in the rally is GameStop ( GME), which is virtually flat over the past year, but the specialty retailer could see a bounce in sales based on the launch of Nintendo's ( NTDOY) 3DS, which happened over the weekend.

The product sold out 400,000 units in Japan in February when it was released and is already a hot pre-order item on Amazon ( AMZN). GameStop said it asked for an additional allotment after it saw the strong pre-order numbers.
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Some people thought iPhones and other smart phones would cut into the handheld gaming business and they have a bit, but the games available on the phone are limited in scope and playability. Runaway winners like Angry Birds and Plants Vs. Zombies are few and far between. GameStop is offering credits for trade-ins of certain devices, and that could be a positive as well.

On the data front, pending home sales data is set to be released at 8:30 a.m. ET. New homes sales figures have been awful, but this index will shed some light on sales of existing homes. As an aside, KB Home ( KBH) is expected to release its quarterly results soon but has been putting the market off on a specific date. Lennar Homes ( LEN) will deliver numbers on Tuesday.

Personal income and personal consumption figures are also due at 8:30 a.m. ET. Incomes have not been rising as a result of the tight labor markets -- so not much is expected here. Personal consumption is likely to meet economists' expectations.

Looking at market volatility, the VIX, which uses options activity in the S&P 500 to function as a gauge of fear in the market, is on a semi-historic streak, falling seven days in a row. The longest runs of consecutive declines for the VIX -- where a lower number implies less fear -- have been 8 or 9 days in the index's 20-year run.

Investors should know is that every drawdown of greater than 30% has been followed by a run-up in stocks. At this point the VIX is down 41% so get your rally caps on.

-- Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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