Another day, another dollar...well that's the goal at least. There have now been two full days of earnings with the majority of the companies reporting positive numbers and raising guidance for next quarter. You would think this would lift the market, but there's no telling where the market is heading today at this point. Yesterday's positive earnings news was not enough to boost the market, causing a negative close on the DOW.

Pressure from oil prices and 10 year treasury yields will continue to play a major role in the direction of stocks. These two factors will remain relevant in today's market, and should be watched closely. DOW and S&P futures are barely in the positive, while NASDAQ futures have moved slightly into negative territory.

Allegheny Technologies (Ticker: ATI) is a very strong company in a strong industry. The stock has rallied very nicely this year, and has followed along a solid trend line for some time now. Recent downside market pressure in most sectors has pulled ATI back to the trend line that has proven effective time after time.

Mindspeed Technologies Inc (NASDAQ: MSPD) has been benefiting off the growth potential that lies within VOIP (Voice Over Internet Protocal). Bulls eat growth stories for breakfast! MSPD formed a nice up trend, then moved into an accelerated up trend. The stock has pulled back to the acccelerated trend line, as so many others have in the past few days of weakness, and presents traders with an opportunity for some quick cash.

XM Satellite Radio Holdings (NASDAQ: XMSR) presents a nice intraday shorting opportunity here. The stock was weak throughout the day yesterday and created a nice looking down trend line. The reason I feel this XMSR is a good candidate for a short is simple, it is lacking support. There is minor supprt at around 22.70 and agiain at 22.15, but neither of these are significant levels of support.

With a low priced stock like XMSR, you stand to make substantial profits from a percentage standpoint with small moves. A play on this stock presents a slightly higher level of risk, but as long as you minimize losses with a relevant stop you stand to make sizable gains if the stock moves in your favor.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.