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-- The Nikkei posted a second straight negative session, down 1.5%, as investors digested a report by Goldman Sachs cutting Japan's 2011 GDP expectations cut in half.

Tokyo Electric Power

, which operates the damaged Fukushima Dai-ichi plant, fell 19%, as Japan struggles to contain nuclear fallout from the reactor. European markets are trading lower across the board with European banks selling long-term government bonds and other assets to raise cash ahead of Basel III stress testing.

The selling of bonds in Europe has investors speculating on rising rates, pushing the euro higher against other currencies and forcing copper, gold and silver lower for a third straight day. Crude oil is down for a fourth day as rebel forces advance in Libya, and Saudi Arabia looks to increase oil supply. The positive fundamental news in oil supports the technical strength of the

Oil Services Index

(OIH) - Get Report

. Investors preferring to trade oil stocks for a potential advance should look at

Baker Hughers International




(VLO) - Get Report


Holly Corp.

The S&P futures are slightly positive this morning after a late day selloff yesterday. These dips provide opportunities for active investors to identify strong and weak sectors. Strong sectors include energy, technology, materials and industrials, as the banking sector remain below 2010 highs.

Bank of America

(BAC) - Get Report


Goldman Sachs

(GS) - Get Report

trade near their 200-day moving averages, while

JP Morgan Chase

(JPM) - Get Report

, the strongest of the group, still has not traded above 2010 levels.

The credit card stocks remain in the news as they look to delay new rules that limit exchange fees. Technical setups in


(V) - Get Report



(MA) - Get Report

present potential opportunities for investors. Consumer spending continues to increase, despite higher energy prices, helping credit card and retail sectors.

Lululemon Athletica

(LULU) - Get Report

traded higher yesterday as it announced a 2-for-1 stock split.

Under Armour

(UA) - Get Report

may be stock investors look to buy as well.

With new leaders


(NFLX) - Get Report



(SINA) - Get Report



(TZOO) - Get Report

trading higher, will the markets follow?

Disclosures: Scott REDLER is long JDSU, V, LEI, OIH, AIG, AMZN, GLD, DANG, SOHU, JPM, VLO and short SPY and AAPL. Jordan Kimmel is long AFOP, ASYS, AXK, COOL, CROX, GPIC, IRBT, JDSU, LDK, MCZ, MGIC, NXPI, OPLK, OVTI, POT, RES, SOL, SOLR, TEA, TIII and short MCR, PVA, SEMS

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.