The flame that caused the financial sector to rise like a hot balloon earlier this week, seems to have flickered today bringing its accent to a screeching halt. While one bad trading day can hardly be considered a crash, it does make many investors wonder if the rally was of the "sucker" variety. Nonetheless, I contend that in this sector, as in most others, it's a matter of identifying the likely survivors and then simply holding your nose until they stop stinking up the place.

And the survivors may not be so obvious. We've seen some stalwarts fall (Bear Stearns) despite strong performance in most areas. Clearly, exposure to the mortgage crisis might place an otherwise strong financial performer in the L (as in loser) column. Still, some banks will certainly still be in operation once the proverbial dust settles on the beleaguered sector. Pick a winner!