Oil stocks have finally reversed the downward trend. They've been falling on fear of a global economic slowdown, and the lack of demand that would bring. I don't think this will be the case. The growing emerging markets haven't showed signs of slowing, even though their markets have corrected. The downside risk for oil stocks is that a pessimistic US market will assign them lower P/E multiples because of the illusion of lower demand, not the lack of demand itself.
Materials and resource stocks will continue to do well if the market holds up. If a bear market takes over, there will be few stocks that can perform very well. I'd continue to look at Oil, Natural Gas (which could get bigger in the US as it burns cleaner), gold and metals, and water.
I'd be a buyer of Schlumberger (SLB) here. The stock has been given a 20% discount. A nice article was written on Barron's online this morning. They are the best oil services company out there and the outlook for that buisness should be strong for the next few years.