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The market is now doing exactly what it should be doing on the key analyst upgrades we saw this morning. Lots of attention to the usual big names are helping lift the markets despite some poor earnings results to kick off the first of several big earnings weeks.


Analyst Upgrades: Every upgrade we reported this morning is trading higher. The list includes Best Buy ( BBY), Goldman Sachs ( GS), Rockwell Automation ( ROK), W.W. Grainger ( GWW), Discover Financial ( DFS), Marriott International ( MAR), Everest Re Group ( RE), Sandisk ( SNDK), TD Ameritrade ( AMTD), Computer Sciences ( CSC), CSX Corp ( CSX), Google ( GOOG), Johnson & Johnson ( JNJ), PNC Bank ( PNC), Charles Schwab ( SCHW) and Wells Fargo ( WFC). Even some analyst downgrades are higher, such as CME Group ( CME) and Intercontinental Exchange ( ICE).

Financials: This morning's numerous upgrades are spurring buying throughout the sector.

Transports: We are seeing traders shake off the terrible earnings outlook for Expeditors this morning. Railroad plays like Union Pacific ( UNP) and Burlington Northern ( BNI) are trying to do the lifting.

Philips Electronics ( PHG): Earnings from this company are boosting shares of other big conglomerates like General Electric ( GE).

Large-cap rally: Apple ( AAPL) and Amazon ( AMZN) are performing well so far.

Commodity plays: We are seeing what I would describe as an oversold bounce. Shares like U.S. Steel ( X), BHP Billiton ( BHP) and Monsanto ( MON) had been hit hard for weeks and were overdue for a bounce.


Ultrashort Plays: I mentioned that the register ringing was fine late last week in the SRS, SKF and DUG plays. Apparently some traders got a bit complacent this morning on the market drop and may be scrambling to cover as the market shoots higher.

Oil ( USO): Trading slightly lower this morning as bottom-fishers hope to see a bounce.

Fastenal ( FAST): Down 1% after second quarter profit fell 43%.

Expeditors International ( EXPD): Shares down 5% after transports play issues earnings warning.

Central European Distribution ( CEDC): Shares are down nearly 9% on news the company is selling 5.5 million shares.


This morning's note on the five key symbols (GS, GWW, GOOG, CME, EXPD) to watch was the right tell to see if this market was going to see some nice upside. Having a key balance when you trade is crucial.

Watching the ultrashort plays rally for another couple of days after I mentioned ringing the register was likely a good move always brings in the second-guessing. This morning's quick drop may have gotten some extra bearish bets placed, but the timing is looking pretty poor as the market quickly reversed higher. I will be looking for some opportunities as we head into the afternoon.

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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 Visit for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.