The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has reversed some of its recent gains today, slipping 65 points or 1.3% to 5,120 points.

The local market has been on a tear recently, rising in nine of its last 11 sessions in a rally led mostly by the miners and the banks. However, those are the companies leading the market lower today after a volatile night for commodity markets.

Shares of BHP Billiton Limited (ASX: BHP), for instance, have fallen 2.2% and are trading at $17.35 a share. South32 Ltd (ASX: S32) has also fallen 3.2%, while Woodside Petroleum Limited (ASX: WPL) and Sundance Energy Australia Ltd (ASX: SEA) are down 2.2% and 16.7%, respectively.

The banks have run into a few hurdles as well, with Westpac Banking Corp (ASX: WBC), Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) all shedding 1.8%. Australia and New Zealand Banking Group (ASX: ANZ) shares have also dipped 1.3%.

Whatever the reason for today’s falls, investors should be encouraged by the recent gains and the lowered level of volatility in the markets compared to earlier in the year. The S&P/ASX 200 is still hovering well below its 2015 highs of nearly 6,000 points and investors should be on the lookout for great buying opportunities.

Discover the 'new breed' of blue chips that could take your portfolio higher in 2016

Forget BHP. These 3 "new breed" top blue chips for 2016 pay fully franked dividends and offer the very real prospect of significant capital appreciation. Click here to learn more.

The report is free! No credit card required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.