Without the Nasdaqleading the way here, the market is struggling. We are seeing very little from other sectors to make up for the pullback in some recent winners. Let's take a look at what's hot and what's not:

Bullish Signs

Treasuries ( TLT - Get Report): Second day in a row of gains as the crowded short trade unwinds a bit more.

Rambus ( RMBS - Get Report): Favorable reaction to antitrust settlement.

Railroad Plays: Upgrades to the likes of Burlington Northern ( BNI), Union Pacific ( UNP - Get Report) and CSX Corp ( CSX) helping contain the losses in the Transports. FedEx ( FDX - Get Report) and United Parcel Service ( UPS) pulling the averages down.

Bank of America ( BAC): Bucking the trend and refuses to go lower, despite some financial sector downgrades this morning.

Bearish Signs

Blackrock ( BLK): Was indeed a "sell on the news" event it appears, with the stock down pretty hard.

Auto Parts Retailers : AutoZone ( AZO), Advance Auto Parts ( AAP) and O'Reilly Automotive ( ORLY) down for the second day in a row.

Credit Card Processors: Visa ( V) and Mastercard ( MA) also struggling for second day in a row.

Homebuilders: KB Home ( KBH - Get Report) and Toll Brothers ( TOL - Get Report) have not been participating in much of the market's rally recently. Down again today.

Gold-Mining Plays

Agnico-Eagle Mines ( AEM) and RandGold Resources ( GOLD) are struggling today, as it appears Gold metal prices may be headed for a down close this week.

Commodity plays: First pullback in what has been a fairly productive week for the likes of Walter Industries ( WLT) and U.S. Steel ( X - Get Report).

The ultra-short plays are not working as well as I had estimated earlier, and may be a trade that ends fairly flat. I still remain fairly neutral on the market at this point. With Wall Street doing a lot of the heavy lifting with non-stop upgrades, it may make sense to lock in some of the recent wins from recent long positions.

To take the emotion out of it, simply put your stops in place and lift them as long positions rally. If they pull back on any big selloffs, you will be out of the stock with no questions asked. 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 Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.