Two Words: Energy and Metals

Indeed, even after a weak open yesterday, prices held and buyers continued to step in front of bad news keeping alive the idea that the market is basing and gearing up for a move higher.

Energy and metal stocks are just pulling higher out of nice pullback patterns and the group offers a great deal of excellent long opportunities today.

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Outlook:

With yesterday's high volume reversal we may have the start of a double bottom, which puts the 50-week average back into play. Volatility is expected to remain extreme and finding gems in the broader market is going to be more a matter of luck than skill. We suggest avoiding everything but those bullish areas that have continued to find a bid throughout this bear market; commodities, ag, and China.