Financials and Basic Materials Surge in Early Trading

What a difference a day makes. Financials and Basic Materials, two of the hardest hit areas of the market in yesterday's selloff, are the S&P 500's best performing sectors in today's early action.

In fact, all ten of the S&P's sectors are positive in the early going, resulting in a nice surge for indices across the board.

The S&P 500 (SPX) is currently trading up 29 points (2.6%) from yesterday's close to 1,148.

The Dow Jones Industrials Average is currently trading up 215 points (2%) from yesterday's close to 11,025.

The NASDAQ is posting the strongest gains, trading up 80 points (3.4%) from yesterday's close to 2,438.

The U.S. Indexes appear to have broken their recent (2 year) currency correlation, and are now following the action in the crude oil (/QM) and gold (/GC) markets. Every selloff in gold is being met with a push higher in major U.S. Indices, while every rally in oil is being mirrored in the equities market.

Keep a close eye on those two commodities throughout the day, as they are now serving as a leading indicator for market direction.

The Financials Sector, which has lost 17.5% over the past 30 days, is currently up 4% on the session.

The Basic Materials Sector, which has lost 19.2% over the past 30 days, is currently up 3.1% on the session.

The strongest stocks trading in the S&P 500 Financials Sector in today's action currently are:

1) Citigroup (NYSE: C): Shares of Citigroup are currently trading up 9.9% from yesterday's close to $30.72.

2) Hartford Financials (NYSE: HIG): Shares of Hartford are currently trading up 9.7% from yesterday's close to $19.36.

3) SLM Corp. (NYSE: SLM): Shares of SLM are currently trading up 8.6% from yesterday's close to $13.01.

4) Bank of America (NYSE: BAC): Shares of Bank of America are currently trading up 7.8% from yesterday's close to $7.02.

5) Invesco (NYSE: IVZ): Shares of invesco are currently trading up 6.7% from yesterday's close to $18.06.

The strongest stocks trading in the S&P 500 Basic Materials Sector in today's action currently are:

1) CF Industries (NYSE: CF): Shares of CF are currently trading up 7.4% from yesterday's close to $148.54.

2) Alpha Natural Resources (NYSE: ANR): Shares of Alpha Natural are currently trading up 7.2% from yesterday's close to $28.23.

3) Allegheny Technologies (NYSE: ATI): Shares of Allegheny are currently trading up 5.6% from yesterday's close to $44.93.

4) International Flavors & Fragrances (NYSE: IFF): Shares of International Flavors & Fragrances are currently trading up 5.5% from yesterday's close to $55.72.

5) Alcoa (NYSE: AA): Shares of Alcoa are currently trading up 5.4% from yesterday's close to $11.94.