The markets are not liking the beginning of options-expiration week thus far. The indices have gone straight down from the opening kickoff. Let's take a look at what, if anything, is looking good and what is not.


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(TLT) - Get Report

: Bonds are up, but off earlier highs.


(RMBS) - Get Report

: Stock is seeing some follow-through from Friday's pop.

UltraShort Real Estate ProShares

(SRS) - Get Report

: Working well as real estate plays fall.

UltraShort Financials ProShares

(SKF) - Get Report

: Also doing well with the pullback in financials.

UltraShort QQQ ProShares

(QID) - Get Report

: As the Nasdaq falls, this play rises.



(BLK) - Get Report

: Selling continues after Friday's fall on announcement it was buying a


(BCS) - Get Report


Wynn Resorts

(WYNN) - Get Report

: Leading casino play continues to act terribly.

Exchange plays


CME Group

(CME) - Get Report


Intercontinental Exchange

(ICE) - Get Report

are both trading lower.


: Railroad plays

Union Pacific

(UNP) - Get Report


Burlington Santa Fe


are uncharacteristically leading the transports sector down.

Commodity Stocks

: Lots of red in stocks like

Freeport McMoRan

(FCX) - Get Report





Reliance Steel

(RS) - Get Report


Gold plays


Gold ETF

(GLD) - Get Report


Agnico-Eagle Mines

(AEM) - Get Report


RandGold Resources

(GOLD) - Get Report

are all giving back hard today.

If the ultrashort plays can trade near the highs late in today's session, traders will have a good opportunity for an overnight hold into tomorrow. I would not make any big moves until we see how the last few minutes of trading look as late-day buying spurts have sent shorts scattering recently. Patience is a necessity. The long side may work better if we can consolidate for the next day or so.

To take the emotion out of it, simply put your stops in place and use trailing stops to your advantage when your positions are working well. Keeping emotion out of trading is a good thing.

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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 Visit for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.