Dividend.com: Midday Playbook - TheStreet

Dividend.com: Midday Playbook

Intel's bullish report has caught some short sellers leaning the wrong way.
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The market continues to maintain the early pop levels we had this morning.

Intel's

(INTC) - Get Report

strong report has caught some short-sellers leaning the wrong way. Let's take a look at where the action is.

Bullish

Earnings Winners

:

Intel

,

Altera

(ALTR) - Get Report

, and

Gannett

(GCI) - Get Report

are early winners.

Tech

:

Microsoft

(MSFT) - Get Report

,

Cisco

(CSCO) - Get Report

, and

Juniper

(JNPR) - Get Report

are benefiting from the Intel call and analyst upgrades as well.

Internet

:

Google

(GOOG) - Get Report

,

Priceline

(PCLN)

,

Baidu

(BIDU) - Get Report

, and

Amazon

(AMZN) - Get Report

are all looking strong.

Financials

:

Goldman Sachs

(GS) - Get Report

and

JP Morgan

(JPM) - Get Report

are charging ahead.

Transports

: Railroad plays are leading the way once again.

Union Pacific

(UNP) - Get Report

and

CSX Corp

(CSX) - Get Report

leading the way.

Commodity Plays

:

Freeport McMoran

(FCX) - Get Report

,

U.S. Steel

(X) - Get Report

and

Monsanto

(MON)

are bouncing up.

Gold

(GLD) - Get Report

and gold-mining plays like

Agnico-Eagle Mines

(AEM) - Get Report

are also up.

Oil Plays

:

Oil

(USO) - Get Report

and oil-related plays like

Transocean

(RIG) - Get Report

and

Schlumberger

(SLB) - Get Report

are seeing an up day as well.

Bearish

Treasuries

(TLT) - Get Report

: Bonds are not working for the third day in a row.

Earnings Losers

:

Yum Brands

(YUM) - Get Report

,

Janus Capital Group

(JNS)

and

J.B. Hunt

(JBHT) - Get Report

are down on the day.

Summary

I wish I could be more bullish here, but the beginning of earnings season tends to sometimes see an over-reaction from company results. I am concerned about the weakness in consumer-related plays like YUM and JBHT. Since Intel's revenue fell 15%, chasing the name here for a trade is not a sure thing. I would prefer to let shares run up here and look at parts of the market that may get sold off like the Ultrashort plays I have mentioned.

Baidu is now up $40 in 5 trading days after it appeared it was breaking down. The only long area that may have some legs may be in the energy space and I mentioned traders target yesterday's upgrades of APC and OXY as long plays. Oil-related plays are so oversold that a bounce can last for a day or two. Be sure to use trailing stops as the stocks move up.

At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.

Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.