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Stockhaven @ the bell 7/19/2011

After surviving what has seemed to be a constant onslaught of negative headlines both at home and abroad, the markets enter the heart of earnings season in a position to test multi year highs. One might think, given all the “bad” news out there that the markets were setting up for a drastic decline, however the price action doesn’t imply such to be true. Instead the markets have held key support, and we see the potential for an extremely bullish scenario to unfold.

Imagine a strong earnings season, a conclusion to the constant debt worries in Europe, an agreement on the debt situation here at home, better domestic macro data, a resolution in Libya, and China’s economy continuing to grow above expectations. While we just rattled off a stock market bulls dream, the bottom line is the potential is there. The media is constantly warning us of what will be the next shoe to drop, that we think it will only take two of the previously listed scenarios to take shape in order for the market to continue to rally.

While we will get a report on home starts and building permits for June, Tuesday is all about earnings. Instead of focusing on the sloth that has been the financial sector (both BAC & GS are slated to report) traders should put more emphasis on names like AAPL & CMG. Reason being is we know what we’re going to get from the financial sector, crappy earnings, the sector is simply going through a bottoming process that will likely last another 6 months at least.

Meanwhile after strong earnings from the likes of Google & IBM the tech sector has a chance to resume a leadership role assuming AAPL can keep the positive momentum going. CMG will also give us a read into the consumer, if these two companies can tell the market what it wants to hear, it should provide an upside catalyst and help keep a floor under this market.

TCLN is a penny stock we’ll be watching today after the stock traded very high volume Monday all around $0.01. For swing trades we like Novagold (NG). The stock has exposure to the bullish action in gold and has started to break out after putting in a bottom in June. Others we’re watching are REDF, PDOS, CDMA, ROYL, & TECO.

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