What a day for the Bulls in yesterday's market. Minutes from the most recent FOMC meeting where released yesterday afternoon suggesting that rate hikes will likely stop after the May meeting. This news allowed the market to add to the mornings gains due to tame inflation reports. The FOMC minutes combined with the positive inflation news was able to overshadow record prices in Crude Oil and Gold. Positive earnings reports had held hold the markets higher as well. The Dow, Nasdaq, and S&P all closed higher on the days session.

There are several companies reporting earnings today. Stock futures are slightly higher on positive earnings reports after the close of yesterday's market. Expect search engine stocks to rally off the positive earnings report released by YHOO last night.

E*trade Financial (Ticker: ET) tells a fairly simple story here. The stock has been riding a very nice up trend for quite some time now. ET releases earnings today, which always gives the stock a potential to break out of a trend, but recent earnings reports have not driven the stock outside of the trend line.  When you have a trend line this solid, you have to pay attention.

Conexant Systems Inc. (Nasdaq: CNXT) has a set up here worth noting. The up trend line has been broken a few times, but the stock always tends to hop back in the trend shortly thereafter. If the stock is able to pull back to the trend line, an opportunity to take a long position in the stock presents itself in my opinion. Reason Being, the stock has two solid support levels very close to each other at 3.30 and 3.10. Placing a stop below the 3.10 presents a max loss of approx 14% considering an entry at a pullback to 3.50. A 14% loss is certainly nothing to laugh at, but it's doable considering the sky is the limit on the upside of this trade.

Ryanair Holding PLC (Nasdaq: RYAAY) has seen better days. Although they have recently announced additions to their current routes, insinuating growth, the stock has been unable to keep it head above the water. The first sign of weakness was when RYAAY broke through support at 54 on heavy volume. Now that the stock has closed below a significant support level at 52, I fear the worst is not over for RYAAY.  Support at 50 will be the next test for RYAAY. Considering the stocks recent performance, I don't think it will be long before the stock tests the 50 level...perhaps today.

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.