Technical Analysis Stock Trading Ideas for 7/31/06 Stock Market

Technical analysis of the stock market and individual stocks including Nasdaq 100 (QQQQ), S&P 500 (SPY), Red Hat Inc. (RHAT), Charter Communications Inc. (CHTR), Medicines Co. (MDCO), J2 Global Communications, Inc. (JCOM), and Hansen Natural Corp. (HANS).

This week we will continue to see a busy earnings calendar so be sure to check for the date of the release for the company’s you are invloved in. As we saw last week, there were quite a few stocks which got hit really hard after reporting earnings which were viewed as negative. I have not checked the dates for the company’s mentioned in this video so if you are going to hold any of them for overnight positions you need to check this information yourself. One good resource for checking the release dates is the link at the right hand side of this page “Earnings Calendar” where you can type the ticker into the box in the upper right corner and it will provide you with an approximate date, the EPS estimate and comparison for the same quarter one year ago.

The markets have reached some potential short term resistance levels after last weeks rally and that should have you being extra cautious on the long side. I continue to believe that we remain in a “stock pickers environment” which is best traded with a short term approach. When the market becomes more stable we will look for longer term opportunities, but for now the market should be traded short term with an open mind to long and short ideas.