I have heard the Sisters talk about the importance of having a large sight word vocabulary, and they have recommended either the Dolch or Fry Word List as good resources. You could google either of these to get the lists expected for grade levels. Of course, your school or district may have a list of recommended words that they support.
As far as the amount of reading, the Sisters would concentrate more on students having "good-fit" books that they can read with 99-100% accuracy rather than stating an amount of time. Of course, we want to build up their stamina so they can read for longer periods of time as they get older. The length of the "rounds" of Daily 5 would depend on the stamina build up.
An expected amount of time for rounds with our youngest readers might be 15-25 minutes, whereas older students may be able to maintain their reading stamina for up to 40 minutes.
