Dividend.com: Midday Playbook

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The market is now doing exactly what it should be doing on the key analyst upgrades we saw this morning. Lots of attention to the usual big names are helping lift the markets despite some poor earnings results to kick off the first of several big earnings weeks.

Bullish

Analyst Upgrades: Every upgrade we reported this morning is trading higher. The list includes Best Buy(BBY Quote), Goldman Sachs(GS Quote), Rockwell Automation(ROK Quote), W.W. Grainger(GWW Quote), Discover Financial(DFS Quote), Marriott International(MAR Quote), Everest Re Group(RE Quote), Sandisk(SNDK Quote), TD Ameritrade(AMTD Quote), Computer Sciences(CSC Quote), CSX Corp(CSX Quote), Google(GOOG Quote), Johnson & Johnson(JNJ Quote), PNC Bank(PNC Quote), Charles Schwab(SCHW Quote) and Wells Fargo(WFC Quote). Even some analyst downgrades are higher, such as CME Group(CME Quote) and Intercontinental Exchange(ICE Quote).

Financials: This morning's numerous upgrades are spurring buying throughout the sector.

Transports: We are seeing traders shake off the terrible earnings outlook for Expeditors this morning. Railroad plays like Union Pacific(UNP Quote) and Burlington Northern(BNI Quote) are trying to do the lifting.

Philips Electronics(PHG Quote): Earnings from this company are boosting shares of other big conglomerates like General Electric(GE Quote).

Large-cap rally: Apple(AAPL Quote) and Amazon(AMZN Quote) are performing well so far.

Commodity plays: We are seeing what I would describe as an oversold bounce. Shares like U.S. Steel(X Quote), BHP Billiton(BHP Quote) and Monsanto(MON Quote) had been hit hard for weeks and were overdue for a bounce.

Bearish

Ultrashort Plays: I mentioned that the register ringing was fine late last week in the SRS, SKF and DUG plays. Apparently some traders got a bit complacent this morning on the market drop and may be scrambling to cover as the market shoots higher.

Oil(USO Quote): Trading slightly lower this morning as bottom-fishers hope to see a bounce.

Fastenal(FAST Quote): Down 1% after second quarter profit fell 43%.