Commodities had a strong bounce today, with USO and UNG (oil and natural gas) seeing fairly heavy volume. SLX, the steel ETF, saw less volume, but rose 4.57%, leading my sector scan. There was high volume buying of XLB, the materials ETF, but I question whether it has much room to run here.



I'm slightly bullish here, but it is a rather confused picture. Most of my positions are on the small side.

I have been accumulating financial puts for a few weeks now, and they've been doing well over the past two days. Near the lows today, I got out of financial shorts and also lightened up on the puts. I still have a good amount of puts in WB, BAC, RKH, WFC, and FITB which I plan to hold through fluctuations. I think there are some very good short-selling opportunities to come, so it is useful to look at the XLF chart:



XLF has broken its uptrend line on increasing volume. I think we've topped. Looking at the prior downtrend, it is very possible we see a rapid descent. I would prefer a low volume bounce into resistance for better short entries. We'll see if that happens tomorrow.

Here are a few charts for long trades. I have small positions in each:

- TECH: Good reaction to earnings along with high volume, and has consilidated the move. Sitting on support.



- TJX: Strong retail chart. TJX was downgraded and saw some selling this morning, held support, then proceeded to make up the ground through the day.




- PWR: Today spent most of the day down and ended flat. Sitting on support and good looking volume pattern.



- OIIM: Bottomfishes like this have been kind to me lately.



- WOLF: Another bottomfish that I am looking to re-enter.