The market is still missing the buyers stepping up at this point. Here are some bullish and bearish indications.

Bullish

  • OpenTable (OPEN): Hot IPO today -- it is going to be great for the markets if we continue to see deals like this one.

  • Blackrock (BLK - Get Report): The stock is hanging well here as the rest of the financials slowly drip down.

  • Gold SPDR (GLD - Get Report): The yellow metal is on fire and the trend is up.

  • UltraShort Financials ProShares (SKF - Get Report): This works as a nice long if the financials continue to drop.

  • UltraShort FTSE/Xinhua China 25 Proshares (FXP - Get Report): Looks to close near the high of the day. This works as a good long if the overseas markets correct further.

Bearish

  • Union Pacific (UNP - Get Report) and FedEx (FDX - Get Report): These two plays are your tells if the market is ready to rebound.

  • KB Home (KBH - Get Report): The homebuilder has been acting awful.
  • "Back from the Brink" Four-Pack: Ford (F - Get Report), MGM Mirage (MGM - Get Report), Wyndham Worldwide (WYN) and Dow Chemical (DOW) have all been a great indicator for the direction of the market lately.

We have one day left of trading before the three-day weekend sets in. I would keep tabs on the AutoZone ( AZO) short. If you were in the trade earlier, you should have been dropping your trailing stop as the price was dropping. If you are still in right now, take some off the table before the market closes. You can always take a fresh look tomorrow if the play makes sense.

If you are long the SKF play, take some profits off as well as tomorrow may allow for another opening. The OpenTable IPO is something the bulls will really want to key in on. It could be a big positive for the markets as we move forward.

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.