So far so good, as we start the third quarter. Let's see where the action is for traders.

Bullish

Earnings Winners: Constellation Brands ( STZ) and General Mills ( GIS) are enjoying a pop from their results.

Analyst Upgrade Winners: Marvel Entertainment ( MVL), Symantec ( SYMC), Microsoft ( MSFT), IAC/Interactive ( IACI), TRW Automotive ( TRW), Yum! Brands ( YUM), C.H. Robinson Worldwide ( CHRW), Priceline ( PCLN), Intel Corp ( INTC) and Aeropostale ( ARO) are seeing the biggest pop from this morning's analyst calls.

Commodity Plays: Select names are doing well, such as Walter Industries ( WLT), Freeport McMoran ( FCX) and BHP Billiton ( BHP).

Transports: FedEx ( FDX) and Continental Airlines ( CAL) trading higher so far today.

Consumer/Non-Cyclical: Kraft ( KFT), Pepsico ( PEP) and Procter & Gamble ( PG) getting a pop following General Mills earnings report.

High-Beta Small Cap: Changeyou.com ( CYOU), Fuqui International ( FUQI), VistaPrint ( VPRT) and Perfect World ( PWRD) are all spiking higher.

Bearish

Myriad Genetics ( MYGN): Stock is down 26% after company warns on revenue forecast.

Credit Card/Financials: Stocks like Visa ( V), Blackrock ( BLK) and other financial plays are not participating too much in this morning's euphoria.

Exchange Plays: CME Group ( CME) and Intercontinental Exchange ( ICE) are also non-factors.

First Solar ( FSLR): Stock may be a good short candidate if the market reverses gains from this morning. Stock is now down $5 as we speak.

Gold ( GLD) is doing a good job holding this morning's gains, but Oil ( USO) has seen the opposite occur with this morning's pop failing to hold and prices are now lower. Treasuries ( TLT) are also lower, but have seemed to hold the intraday lows pretty well so far. Fund managers are putting whatever cash they have on hand back into the momentum plays that we mentioned above.

We have the key monthly jobs data out tomorrow morning, so I wouldn't make too many aggressive bets today in front of that release. I would watch the transport plays and this morning's upgrades for any sign they may showing some weakness, as a cue to taking a small taste of FSLR on the short side.

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