First up, let's take a look at Citigroup. Citigroup which fell on Thursday by 7% as CIBC World Markets analyst Meredith Whitney speculated that Citigroup might need to cut its dividend to raise capital. While, it is very clear that things are bad at Citigroup I find it highly unlikely that even the horrible CEO Chuck Prince would do such a thing. Without the dividend Citi shares have lagged inflation over the past several years. At its 52-week low it would not shock me to see a snapback rally over $40 a share for Citigroup. Recently, rumors of Prince being fired as well have heated up yet again as overall performance of the firm has lagged their competitors. Citigroup dividend is here to stay, for now. Also, I wouldn't be surprised at all to see Eddie Lambert averaging down in Citi. Citigroup is also have an emergency board meeting on Sunday (as the wall-street) Journal has suggested. Doug Kass has been saying this on realmoney.com for the past few days, Heavy Call Option Activity in the $40,$42.5,$45 and $47.5 suggest that Prince might be fired then!

Few companies/firms nailed the sub-prime market. Annaly Capital was one of them (Paulson Capital a billion dollar+ hedge fund also bet against the sub-prime market back in January; reports say that the firm's capital is up 300% YTD, they made billions). Annaly is the best positioned firm to take advantage of all of the distressed-real estate backed assets. Analysts are finally realizing this as Lehman and RBC upgraded the stock

NMX held up very, very well last week, consider the market was down almost 2%. While rumor talks have died down NMX is on the radar of the NYX. The selling of their headquaters is also very intresting. One would have to assume that the rise in OIL increase the amount of trading that is done on the NMX floor, this should help them beat earnings.

China Precision Steel is a very interesting company, even though shares tumbled 24% to $6.45 after they agreed to sell 7.1 million of its shares for $6.75. China Precision engages in manufacturing and sale of steel products in China. With China booming CPSL remains me of Aluminum China (ACH) 2-3 years ago. Overall demand for Steel has been very bullish, while earnings from Steel companies have been mixed (AKS beat but X miss) the fact that Precision Steel is in China is clearly a major plus. Qtrly revenue growth of 93%, this stock may rise as the over-all Chinese stocks have been on a total tare. On Fast-Money a few nights ago Barton Biggs of Traxis Partners said that Chinese stock are very similar to the tech stock back in early 1999; which means he feels they still have a lot of room left to run

Tesoro is a bit of an aberration play as investors try to figure out if Kerkorian's $64 a share offer represents a buying opportunity or a signal to investors to sell. Goldman Sachs analyst Arjun Murti wrote "Do you really want to short refiners with Tracinda (and others?) willing to step in?" I would have to agree with that view. The crack spread at historic lows, refiners will seriously profit once they start making money off the crack-spread. It is very clear that refiners are getting killed by the crack-spread as on Thursday Tesoro's net income dropped to $47MM, or 34 cents per share; analysts were looking for 85 cents a share.

As an earnings play I like Cisco (CSCO). CSCO has been really the face of this rally for the past 4,000 points. Can you image that CSCO was totally hated and trading around $18 a share this time LAST year? What makes CSCO an interesting play here is that they just announced a massive $5BB buyback with their stock at a 52-week high; what a vote of confidence! CSCO also bought a 2% stake in the VMware IPO making CSCO an attractive longer term investment (which isn't in the numbers); when I asked Cramer about CSCO's 2% stake in VMware he said that he "has not seen anything like that in years". Cambers is one of the best CEO's around. Weekly Catalyst: With demand for network routers at an all time high CSCO is an earnings trade. They just announced a massive $5BB buyback near its 52-week high and took a 2% stake in the VMware IPO. It was also called a "Growth" stock by Goldman Sachs as it trades at 16x earnings and has 14% growth

Also worth looking at is Ralph Lauren Polo (RL) which Jim called on of his top retail stocks. Down massively from its 52-week high RL is a play on the high end consumer and the fact that RL is transforming its business model from being a niche based clothing company to a worldwide fashion empire that includes home goods is a nice trend

Another earnings play this week is Dynegy (DYN), With earnings due out this week DYN is a great on the warmer then normal weather we had this fall. Dynegy engages in the production and sale of electric energy, capacity, and ancillary services in the United States. It generates electricity by burning coal, natural gas, or oil. DYN has traded with natural gas for some time now. The much warmer then normal fall directly uses a lot of power plant usage which should help DYN beat earnings.