Nice Rebound in Stocks, Oil and Metals Not so Much.

I have to keep it short, but sweet today. We saw that stocks were able to bounce with the major index ETFs closing higher. There are nine sectors that I monitor in the S&P 500. I have referred to them in the past as the offensive sectors, eight of them were up.

The Energy Complex fell because oil ($USO) was down sharply. Commodities Complex was down pretty much across the board with big declines in Natural Gas ($UNG), Palladium ETF ($PALL), and the Aluminum ETN ($JJU). This move in commodities has not been all negative, it has been a catalyst in Airline ETF ($JETS) as well as the Transports ($IYT) to a 1.1 percent gain.

The rebound is just that, a rebound. We need to see higher highs in all the major indices and small-caps before I would say that the bulls can breathe a little easier.

Have a great trading day and weekend!