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[video] Quick Take: Stocks Stagnant, Materials Sector Sparks Buy Signals

NEW YORK (TheStreet) -- The Nasdaq continues higher while the S&P 500 is flat and the Dow Jones Industrial Average is weighed down by International Business Machine's (IBM) poor earnings report. 

TheStreet's Debra Borchardt spoke to Mark Newton, chief market technician at Greywolf Equities, about the sectors that are outperforming a sluggish broader market. He said  the materials sector is getting a lift from the gold miners and chemicals. 

He added that the miners have been doing well lately, despite gold prices not rising all that much.

Alcoa (AA) and Dow Chemical (DOW) have also helped the sector. The two stocks have been outperforming over the past several trading sessions. However, steel, coal and other commodities have not been much help to the sector. 

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Turning to earnings, Newton said investors are now getting ready for technology companies to start reporting. Apple (AAPL)Google (GOOG) and Facebook (FB) report next week. The next focus will be health care and industrials. 

Newton also said the rise in crude oil prices has helped the energy sector to wake up a bit after it appears to have bottomed. 

He concluded that investors who want to monitor or trade the gold miners can use the Market Vectors Gold Miners ETF (GDX) and the Materials Select Sector SPDR ETF (XLB) for the materials sector. 

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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