The stock averages remain generally flat as we continue in the afternoon hours. Lots of sideways action as we close out what has been a good week for the market as far as point gains are concerned.


Earnings Winners: IBM Corp ( IBM - Get Report), Mattel ( MAT - Get Report) and A.O. Smith ( AOS - Get Report) are all up following results.

Analyst Upgrades: CME Group ( CME - Get Report) and JP Morgan ( JPM - Get Report) are holding up the best on bullish calls.

Stock Winners: Union Pacific ( UNP - Get Report), Walter Energy ( WLT) and Freeport McMoran ( FCX) are standouts from this morning's action. Names are getting a bit overbought so I would be careful chasing them here.


Earnings Losers: Google ( GOOG - Get Report), BB&T ( BBT - Get Report), Bank of America ( BAC - Get Report), General Electric ( GE - Get Report) and Callaway Golf ( ELY) are all lower on results, guidance.

Analyst Downgrades: Schnitzer Steel ( SCHN), Marriott International ( MAR), Akamai Technologies ( AKAM), and Nokia ( NOK) are all down on bearish calls.


The ultrashort plays we talked about this morning ( UltraShort Real Estate ProShares ( SRS) and UltraShort Financial ProShares ( SKF) SKF) are looking pretty good here. I would take a nibble on the long side and look to see how well it does by the end of the day before deciding to how to handle it going into next week. Gold ( GLD) is still up slightly. I am leaning more bearish than bullish here, but would wait till $90 is broken again. Oil ( USO) is trading up a bit and again my trader's gut is more bearish than bullish. I would watch this one from the sidelines. Finally, Treasuries ( TLT) are off of earlier lows and are slowly coming back. I am leaning more bullish here as I scour the earnings reports and get a feel on how soft the economy still is.

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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.