The market is off earlier highs but continues to maintain some positive momentum as traders believe an averted CIT Group ( CIT) bankruptcy is a big positive for the markets. Let's take a look at where some of the action is.

Bullish:

Human Genome Sciences ( HGSI): Stock is up over 200% and can really zoom higher if it can get through this morning's opening print of $10.90.

Earnings Winners: M&T Bank ( MTB), Haliburton ( HAL), Eaton ( ETN), Hasbro ( HAS) and Johnson Controls ( JCI) are up following quarterly results from this morning.

Analyst Upgrades: Allergan ( AGN) and Caterpillar ( CAT) are seeing some nice price action, while single-digit plays like CBS ( CBS) and Elan ( ELN) also gain on analyst moves.

Financials: Goldman Sachs ( GS), Visa ( V) and MasterCard ( MA) are leading the way higher.

Momentum Winners: Netease.com ( NTES), Fuqui International ( FUQI), Perfect World ( PWRD), and Green Mountain Coffee Roasters ( GMCR).

International Large-Caps: China Life ( LFC), AmBev ( ABV) and Wipro ( WIT) trading at 52-week highs.

Red Hat ( RHT): Stock is up 8% on news it will replace CIT Group in the S&P 500.

Bearish:

Earnings Losers: Weatherford ( WFT) is down big after reporting this morning.

Analyst Downgrades: Sanderson Farms ( SAFM), Tyson Foods ( TSN), BJ Services ( BJS) and Bank of America ( BAC) are all feeling the most pain following analyst moves.

Ultrashort Plays: I see no reason to take a shot at ProShares UltraShort Financials ( SKF) or Real Estate ( SRS) here. I'm keeping them on the radar, however, as the market continues to move closer to "overbought" territory.

What's the Trade?

I like that the market is seeing a wider scale of winners. That said, I understand we have made a nice move recently and earnings are still leaning toward "not as bad as we expected." I would keep any momentum longs on a short leash. The names mentioned above would be areas that I would steer toward as far as trading ideas. Always use sell-stops!

Be sure to visit our complete recommended list of the Best Dividend Stocks as well as a detailed explanation of our ratings system.
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.