Today's Best of Columnist Conversation

The RealMoney contributors are in the business of trading and investing all day on the basis of ongoing news flow. Below, we offer the top five ideas that RealMoney contributors posted today and how they played those ideas.

TheStreet.com brings you the news all day, and with RealMoney's "Columnist Conversation," you can see how the pros are playing it on a real-time basis. Here are the top five ideas played today:

1. SPY

Bob Byrne
1/15/2009 1:56 p.m. EST

I think we can have a great oversold bounce, but not a sustained market advance. I am watching the 830 area on the emini for initial resistance to this advance...

Morgan Stanley just out with positive comments on the education stocks. iShares 20-Year Treasury(TLT Quote) pulling back and U.S. Oil Fund(USO Quote) bouncing ... all positive for a market advance.

Position: Long SPY

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2. CEDC -- Trading Opportunity

Steve Gear
1/15/2009 10:03 a.m. EST

Central European Distribution(CEDC Quote) has been bouncing off recent bottoms and trading in the $18-$24 range. These are over 30% short-term moves in a company that is 5.5 times December 2009 estimates in a business that should hold up relatively well during the recession ... the stock is under $19 again and traders (or investors) should take a look...

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3. Airlines Come In but Could Then Rally

Dave Sterman
1/15/2009 9:55 a.m. EST

Barclays is out this morning with a note that neatly captures my read on the airlines. The group staged a strong rally but is being pulled down in the current selloff, even as oil prices move back down as well.