The market has been unable to take advantage of another series of analyst upgrades this morning. Let's take a look at what traders should be keeping an eye on.

Bullish

Analyst Upgrades: Yahoo ( YHOO), Stanley Works ( SWK), Apple ( AAPL), and Google ( GOOG) are holding up the best after this mornings ratings boost.

Ultrashorts: I am a little bit surprised at how well the SRS, SKF, and DUG plays are performing so far today. It may make sense to prepare to take a "taste" on the long side once again if someone wants to try a quick intraday Friday move here.

Transports: Mild gains in the sector with FedEx ( FDX) a key name to watch here.

Treasuries ( TLT): Appears to be another week of gains for bonds as the "flight to safety" trade continues.

Bearish

Exchange Plays: Intercontinental Exchange ( ICE) and CME Group ( CME) are near the lows of the week.

Earnings Losers: Shaw Group ( SGR) and Chevron ( CVX) are lower after last night's reports.

Oil ( USO): No help from the news on Chevron, as other big names are going lower. BP plc ( BP) and Exxon Mobil ( XOM) are also caught up in the downdraft.

Financials: JP Morgan Chase ( JPM), Bank of America ( BAC) and State Street ( STT) are taking a hit so far.

Commodity Plays: Wakness has resumed for shares of Potash ( POT), U.S. Steel ( X), and Monsanto ( MON).

Summary

Unless things turn around this afternoon, it looks like the market will be going into the start of earnings season on a down note. I am waiting to see what trades pop up, but the bias right now has to remain on the short side, unless we get a tremendous oversold situation. The exchange plays mentioned above may be headed in that direction, but are not there yet. I would prefer to see a close or two off the bottom.

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.

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