Stocks launched higher on Tuesday as the two big political uncertainties that have hung over investors’ heads like the sword of Damocles — the U.S. debt ceiling debate and a “Bailout 2.0” program for Greece — moved closer to positive resolutions. The bullish intensity that was seen in late June was unleashed — pushing stocks up and out of their multi-week downtrend.

It’s been a volatile couple of weeks. Investors have been held captive to the headlines and traders, with nowhere else to hide, flocked to the safety of precious metals and sold pretty much everything else. Treasury bonds and stocks were both hit hard.

But this week seemed to bring optimism on the debt ceiling debate and sovereign debt contagion. In response, stocks and other risky assets are screaming higher. The stage is set for the resumption of the medium-term uptrend I’ve been expecting.

For investors, the best opportunity at the broad market levels appears to be the Nasdaq 100 Trust (NASDAQ: QQQ), which is benefiting from the push higher in large-cap tech stocks. That should continue in the days to come thanks to a steady drumbeat of positive earnings news — which should be enough to push the index up and out of its six-month consolidation range.

After the bell on Wednesday Intel (NASDAQ: INTC) reported earnings of 59 cents per share — eight cents better than the consensus estimate — on a big 21% increase in revenues. Apple (NASDAQ: AAPL) reported a blowout quarter the night before, with earnings of $7.79 per share versus the $5.84 consensus estimate.

For more leverage on the same idea, consider the ProShares Ultra QQQ (NYSE: QLD). I’ve already recommended the QLD to my newsletter subscribers.

At the sector level, I like energy and materials stocks — both of which are putting together smooth, professional looking new up trends. My favorite picks at the moment are the Global X Lithium (NYSE: LIT), the Market Vectors Coal (NYSE: KOL), and the First Trust Revere Natural Gas Index (NYSE: FCG).

I’ve added FCG and QLD to my samples portfolio which tracks my picks in real-time here.

Disclosure: Anthony has recommended QLD and FCG to new newsletter subscribers. 

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The author can be contacted at anthony@edgeletter.com. Feel free to comment below.