NEW YORK ( TheStreet) - Today feels like a replay of Tuesday, as far as where the averages stand at this point of the day. China is the big factor today, as traders are seeing a drop in commodity plays, as I mentioned would be the case in this morning's post. Let's see what stands out at the moment as the afternoon gets into full swing.

Bullish

Earnings Winners: Massey Energy ( MEE), Life Technologies ( LIFE), DreamWorks Animation ( DWA), Jones Apparel ( JNY), and Wyndham Worldwide ( WYN).

Upgrade Winners: Fifth Third Bancorp ( FITB), Coach ( COH), Capella Education ( CPLA), Coventry Health ( CVH) and Bank of America ( BAC) are all being lifted by analyst moves.

Other notable winners: Intuitive Surgical ( ISRG) and Continental Airlines ( CAL) are seeing a bit of continued strength from Tuesday's action.

Bearish

Earnings Losers: WellPoint, Inc. ( WLP), ConocoPhillips ( COP), Royal Caribbean ( RCL) and ArcelorMittal ( MT) are all getting hit hard following disappointing results.

Analyst Downgrades: Aflac ( AFL), MGM Mirage ( MGM), Morgan Stanley ( MS), Genzyme Corp ( GENZ), Jacobs Engineering ( JEC), and Valero Energy ( VLO).

Commodity Plays: Shares of Transocean Offshore ( RIG), Freeport McMoran ( FCX), Agnico-Eagle Mines ( AEM) and U.S. Steel ( X) are seeing a big drop in today's session. Oil ( USO) and Gold ( GLD) prices are also getting hit hard.

What's the Trade?

The AEM and X short plays mentioned this morning are working according to plan, as is the GLD short idea. A new play to consider is a long position in the Ultrashort DUG, as a way to take advantage of the drop in oil and gas-related plays. I would watch this position closely this afternoon, and if can close near the highs, I'd hold onto the position into tomorrow.

If you're still sitting with a lot of long positions, be sure to leave your trailing stops and sell-stops firmly in place.

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

If you liked this article you might like

Why You Should Know the Cravath Lawyer Behind Big Media Mergers

Hasbro Launches First YouTube Series, New Toy Brand to Follow

Royal Caribbean, Mattel Target Teens, Kids Through Online Content