Despite the U.S. stock market's recent run up, the decline in the U.S. dollar and inflation fears have investors searching for safety in these uncertain times. A popular strategy that has emerged is to hedge market and currency risk with commodities, namely gold, oil, and uranium. What specific stocks and investments in these sectors are likely to outperform?

ETFs like the US Oil Fund (NYSE: USO) and the SPDR Gold Shares (NYSE: GLD) will obviously track any rise or fall in these commodities to a T, but perhaps individual companies in these sectors are a better fit for you. Below are some industry giants, as well as speculative plays that are also drawing attention from investors.

Even if prices appear to be clawing their way through the overhead supply at around Dow 8,000 and S&P 500 825 to 875, the going is getting tougher.

The highest that the S&P has achieved so far was the high of Thursday, April 2, at 846, before it was turned aside on a minor reversal this Tuesday. Volume has been on the low side on both advances and declines, but this week that was no doubt due to the impending holiday weekend.

On Thursday, the S&P 500 closed above the 20-day moving average at 745.10 for the first time since Feb. 9. And it closed above the resistance line drawn from the November low at 741.02 for the first time since Feb. 13.

Volume for each of the days of higher prices increased to more than 1.8 billion shares on the NYSE, and that is a higher-than-average volume for any month this year (1.6 billion average). But volume has been picking up since the breakdown on Feb. 27, at S&P 500 740, when more than 2 billion shares traded.

With a reflex rally now under way, the question is: How far can it go?