Stock Market Index Review 7/17/2011

Crazy week last week. Lot of volatility and ups and downs in the market. We saw the market make 3 solid attempts for a bounce only to get faded by the end of the day.  That type of action is typical when there is so much political/headline risk in the markets as all rally attempts tend to get faded when news or rumors hit.  Nobody wants to hold for more then a few minutes and withouth the underlying bid from pomo we are seeing the structure of the intraday action change slightly.  Overall though this pullback was overdue after such an extended run off the bounces on the 200dma in the s&p.  With earnings season in play opportunities will be everywhere.  One of my favorite sites is to check out the earnings calender on earnings.com  http://earnings.com/earning.asp?date=20110718&client=cb  Im always looking for stocks that beat eps expectations with charts that show a potential bottoming base or another breakout setup.  Earnings beats can set up powerful moves that can go for months in stocks.