Natural gas stocks remain red hot despite the weakness in the broader market this morning. Energy stocks, in particular, are trending higher.

One stock within the energy sector worth looking at is Arena Resources (ARD). The company is a oil and gas exploration and production company.

ARD has been consolidating its rally through 2007. The stock dropped at the beginning of the year, rebounded, dropped again, and rebounded once more. Along the way, ARD traced a bullish wedge. ARD is breaking out of the bullish wedge today with a big rally above horizontal resistance at $45.

The market is in decent shape after yesterday's big rally. An advance in the S&P 500 past 1400 might pave the way to another leg higher, but be careful about chasing momentum right now.

Converted Organics (COIN) is a stock we turned bullish on earlier in the month, when it was trading at $10.18. At the time, the stock was tracing a bullish triangle. It subsequently broke the triangle and ran to above $14 yesterday. This was a high in January, making the $14 level a potential double top. The stock will most likely break the double in time, but it may consolidate its most recent gains over the short-term. We still like it long-term, but think there will be better entry opportunities in the coming weeks.

We've been pounding the table on the DB Commodities Index Tracking Fund (DBC). Commodities in general are red hot even in this market climate and DBC has been a big beneficiary. We got really excited about the DBC when it was breaking from its bullish wedge at $32.50. Since then it's run all the way up to near $37 without much hesitation. The DBC is clearly extended in the short-term, and could go higher, but doesn't offer a good risk/reward set-up at the moment. We think it goes higher this year, but will wait for a better entry point for new positions in the next month or two.

It's definitely a stock picker's market. While the broader market continues to coil and we wait for a breakout from the big triangles, it makes sense to pick your spots carefully.

China Medical Technologies (CMED) is one bullish spot that is worth a closer look. The stock is breaking out today above the two month old bullish wedge.

Look for a retest of previous resistance, now support, at the $54 level in the coming days.

Crocs (CROX) has seen it's better days. The stock is breaking down from a bearish flag and should see $20 pretty soon.

CROX is a heavily shorted stock with about 23 percent of the float sold short. High levels of short interest can sometimes be a contrarian indication. But in the case of CROX, I think the high short interest confirms the bearish trend in the stock.

This is definitely a stock picker's market. Finding winners and letting them run is key.

We found a couple of big winners over the last few weeks, two of which we'll revisit today.

The first is Cleveland Cliffs (CLF). We first got bullish on the stock when it was trading around $97. It's up by about $27 since then, but might move even higher after the breakout today from the short-term bullish flag.

The second stock we're going to revisit today is the DB Commodities Tracking Index Fund (DBC). This is a basket of companies in the commodities business.

We liked the DBC when it broke out from a short-term bull flag at $32.40. But the DBC might be a little extended at current levels, so wait for the next consolidation before jumping onto this strong bullish trend.

Commodities are cruising higher thanks in large part to the spike in oil prices. A diversified way to play the commodities is through the DB Commodities Tracking Index Fund (DBC).

The DBC is emerging from a bullish wedge. Stick with this trend and look for bounces from $32.50.

Cooper (COO), meanwhile, is breaking down from a bearish flag. Healthcare stocks are surprisingly weak this year, so stay with this trend.