Today presented two opportunities to trade around a couple of positions that I have. I still believe strongly in both positions but in one case General Motors (GM) moved too much and in the other case Regions Financial (RF) moved against my position.

Research in Motion (RIMM) and Apple (APPL) seem to be dominating the handset space as both companies are at 52 week highs today while competing makers Nokia (NOK) and Motorola (MOT) are at new 52 week lows.

Carmax should have done alright when it reported earnings earlier today as the car dealership sells mainly used cars. The ones that are inexpensive compared to the auto dealers selling the straight from the factory more expensive versions.

Regions Financial (RF) showed up on my radar as there was a large amount of Put activity in the month of July at the $12.50 strike price.

After a month long sell-off that saw Mosaic Company (MOS), Potash Corporation of Saskatchewan (POT), and Monsanto Company (MON) dip from 4-15%, the agricultural chemical companies have rebounded to new highs within the last two weeks. Monsanto is still close to a new high with Mosaic and Potash striking new highs on Wednesday.

In a tough tape on Friday Coal related stocks performed above average and look to continue to run with profitable expectations growing. Massey Energy (MEE), Alpha Natural Resources (ANR) and Arch Coal (ACI) all have rising earnings expectations and are at 52 week highs. Just this past Monday, a broker, David Khani from FBR Capital Markets raised his price guidance for coal for next couple of years.

Friday’s action confirmed the S&P correction which was signaled two days prior and the DOW Industrials sell signal that occurred over a week ago. And the weak sector of the economy is the same sector that began a correction last year, the Financials.

Clearing its previous high for the year, Petrohawk Energy ran up 11.35% today to close at $34.82. This Houston based developer, producer, and distributor of oil and natural gas jumped on an upgrade by Lehman Brothers.

With the market struggling, the DOW in a new correction, and financials showing additional weakness, I think you can short Washington Mutual for a short term gain.

On a day that saw Regional Airlines decline as an industry 1.48%, several carriers saw brand new 52 week lows.