I would be looking to buy on a convincing move above 24.00.



- XLB: The materials sector is consolidating in a narrowing range, and remain above a rising trendline. A convincing break above 28.50 would indicate another leg higher.



- SLX is in a clear rising trend, but could use a rest. Given the nature of the current market, it could simply keep going, but I will be looking elsewhere for trades.



- OIH: Oil services are also in a clearly-defined trend. I currently hold several long positions in this sector, and particularly like stocks related to natural gas.



- UNG: The natural gas ETF shows a large increase in volume at the lows, and is near a trendline break. Also, there is considerable media attention concerning the difference between oil and natural gas prices. Although natural gas inventories are high, the chart indicates further upside.