Without a doubt- certainly in the immediate-term- this is an entirely different trading market that we are involved with. Look no further than the last two days as evidence of that. On Monday, the financial stocks were absolutely drubbed in their sector percentage decline in several weeks. Yesterday morning, pre-open ZION and BK both reported atrocious earnings. ZION was particularly notable as it fell a stunning 40% plus from its high on Friday to its low this morning. But a peculiar thing happened on the way to disasterville: selling pressure just was not there. The futures were never really weak all morning yesterday and an attempted early sell-off was meted by weak volume. So, when the selling pressure dried up, a vacuum was created in which shorts who made a lot of money very fast decided to take their money and run. This in turn brought out some momentum players and you saw the likes of STT rallying from down a couple to finish up 5. Whether one is skeptical about stress tests or any other form of government intervention much less whether we are in a recovery, do not doubt one thing if you are a day trader: trade what you see. So many traders cannot understand why an STT did what it did and really, does anybody truly know with 100% certainty? But there is something with 100% certainty that is true: if you trade with your heart and your brain rather than ostensibly going with the flow when there is a steamroll of momentum as occurred in the BK and STT type plays of the world yesterday, you will not be around in this business very long. Markets in Asia were mixed overnight with Tokyo up slightly but Hong Kong down 2.5% plus. European bourses are quiet, but trending lower after trading higher earlier. Futures are being dragged down by the massive MS miss. This will set the tone almost all day from Wall Street; look for a downside day (albeit not a horrible one), but it is a good day traderâs market for selected stocks. Use MS and WFC as your benchmarks for the financials as well as the market; if WFC in particular rallies after the open, it will be a flashing light that the sell-off will be meted. Reiterating- Please understand that if the ideas do not get to the hoped for set-ups cited below, more often than not, one should not blindly trade the symbol next to said idea. If the whole story is not there - If something is good, assume either a short thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specifiedIf something is bad, assume either a buy thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified- Good- The following stocks have good news and/or a strong technical pattern SNDK- good earnings YHOO- good earnings CHRW- beat slightly, but traded sharply higher last night after-hours GILD- good earnings DDRX- closed near high after great earnings TCK- closed near high after debt restructuring FRZ- closed near high of day QLGC- rose sharply on takeover rumors yesterday; may reverse today if nothing comes to fruition ALXN, MEDX- mentioned on âFast Moneyâ last night LNC- closed on high of day USB, STT, BAC, JPM, STI, PNC- all closed near highs PFCB- positive earnings BA- good earnings TROW- good earnings T- good earnings IR- good earnings MCD- beat earnings slightly WFC- beat earnings, but may be dragged down by MS Bad-The following stocks have bad news and/or a weak technical pattern COF- bad earnings; AXP, DFS may move in sympathy NSC- poor earnings TEX- poor earnings ILMN- bad earnings PXP- doing massive share offering JAH- poor earnings VNO-share offering; all REITâs (particularly SPG, EQR) rose sharply into close yesterday as well DOV- bad earnings WLP- bad earnings ABFS- bad earnings GSK- bad earnings LII- bad earnings PPDI- bad earnings FCX- missed earnings GNTX- poor earnings MS- atrocious earnings Earnings: WED APR 22 BEFORE ABFS APD ATI BA CAL CFR DOV ECA EGN ELN FCX FMBI GENZ GNTX GSK IR KMB LII MCD MO MS NITE NOC PBG PDS PFCB PFS R SNA STJ SY T TDY TIN TNB TROW WAB WFC WIT WLP WWW WED APR 22 AFTER AAPL AB ACL ADS AF AFFX ASIA AXYS BCR CMG CVA DOX EBAY EFX EQIX FFIV FIC GGG HUBG ISIL KNX LEG LHO LOGI NE NUVA NVLS PTP PTV QCOM RHI RJF SLM SNV STLD SUSQ THRX TMK TSCO VMW WGOV WOOF XLNX YUM Good luck today. Erik R. Kolodny