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.

Intel

By Jim Cramer
9:01 a.m. EDT

Intel

(INTC) - Get Report

preannounces better-than-expected earnings!

Big

, especially in light of

Dell

(DELL) - Get Report

. Look out,

Nasdaq

shorters, here we go!

Positions: None

Peaking China

By Helene Meisler
9:32 a.m. EDT

There was a time when everyone was convinced that China was going to lead us out of this, and perhaps that is still the case, but there are two observations I have with regard to China. First, as per my column this morning, it, too, peaked in early August. Second, it is now back down to that trendline. (Last night's close is not reflected in the chart below.)

China had better start rallying soon, or a break of this line will take on the look of a new leg down.

Trading With the Government

By Bob Byrne
11:52 a.m. EDT

To all the scalpers out there: If you are flipping

Freddie Mac

( FRE),

Fannie Mae

( FNM),

CIT

(CIT) - Get Report

or any other government-backed momentum stock ... watch

AIG

(AIG) - Get Report

. If, and it seems like a big if these days, AIG continues to unwind, it may trickle over to the other government-backed cheapies. 

Positions: None ... but watching AIG on a lazy Friday in August in kind of fun.

Market Action

By Christopher Grey
12:29 p.m. EDT

From my perspective, recent market action is very negative despite the continued trend up in the major indices. We're getting most of the action in a few highly speculative stocks, negative reversals, higher volume on declines than advances, hitting key resistance levels from last year, and many charts that are extended and overbought.

I don't have a long term view at this point with all of the variables and government manipulation of the market, but in the short run a significant correction seems very likely. I'm currently in cash except for a short on the REIT index, which I think is due for more of a correction than the overall market.

Positions: Short the REIT index

Huntsman Housekeeping

By Mark Haefele
12:49 EDT

With

Huntsman

(HUN) - Get Report

up 40% from where Tim Melvin and I mentioned it in June, I am taking off a slice of my position. Fear of bankruptcy is no longer in the stock, but they should still be able to show better margins in the future.

Positions: Long HUN

This article was written by a staff member of TheStreet.com.