The market is showing an upward bias at the moment with commodity and financial stocks leading the gains. Let's take a look at what is working on the long and short side of the market.

Bullish:

HMO Plays

: Shares of

Aetna

(AET)

,

Cigna

(CI) - Get Report

,

Wellpoint

(WLP)

and

UnitedHealth Group

(UNH) - Get Report

are all nicely higher on the health care talk coming out of Washington.

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Financials

:

Goldman Sachs

(GS) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

and

Bank of America

(BAC) - Get Report

have taken the early lead as traders like the feel of these names today on the long side.

Blackrock

(BLK) - Get Report

is showing signs of bouncing as well.

Commodity Plays

:

Freeport McMoRan

(FCX) - Get Report

,

BHP Billiton

(BHP) - Get Report

and

U.S. Steel

(X) - Get Report

are all showing signs of working off the recent slump.

AutoZone

(AZO) - Get Report

: Bouncing higher on news of the company's share buyback initiative.

Earnings

:

J.M. Smucker Company

(SJM) - Get Report

and

Discover Financial Services

(DFS) - Get Report

are both trading higher after reporting results.

Consumer/Non-Cyclical

: Shares of

Kraft

(KFT)

,

Pepsi

(PEP) - Get Report

and

Procter & Gamble

(PG) - Get Report

are doing well here.

FedEx

(FDX) - Get Report

: Trying to recover after yesterday's poor guidance. Contributing to the rise in the

Transports

(IYT) - Get Report

.

Intercontinental Exchange

(ICE) - Get Report

: Seeing a pop so far today.

Bearish:

Treasuries

(TLT) - Get Report

: Trading lower today. We missed entering this trade yesterday and have avoided shorting it still this morning. A missed opportunity, but if readers did execute the move, we would be lowering the trailing stop to lock in more of the downside profitable move.

Fertilizers:

CF Industries

(CF) - Get Report

and

Agrium

(AGU)

continue to struggle today, following yesterday's sector drubbing.

Gold/Gold Mining

: Weakness in the

SPDR Gold Shares

(GLD) - Get Report

and mining plays we follow --

Agnico-Eagle Mines

(AEM) - Get Report

and

RandGold Resources

(GOLD) - Get Report

.

Silver/Silver Mining

: Weakness in the

Silver ETF

(SLV) - Get Report

,

Pan American Silver Corp.

(PAAS) - Get Report

and

Silver Standard Resources Inc.

(SSRI)

. All of them are down on fairly heavy volume.

Traders are leaning fairly long right now and are a bit frustrated with the market's inability to head higher this week. We had been cautioning for the last week that the market may need to consolidate and we are seeing it here. Options expiration is also adding another layer to the equation as well.

We are closely watching tech here --

Google

(GOOG) - Get Report

,

Baidu

(BIDU) - Get Report

,

Shanda Interactive

(SNDA)

and

Apple

(AAPL) - Get Report

. We believe these names may offer some good short-term upside once the selling is out of the way.

Stay disciplined and do not force a trade if you are not seeing the proper risk/reward set-up.

Be sure to visit our complete

recommended list of the Best Dividend Stocks

as well as a

detailed explanation of our ratings system

.

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.