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Will Earnings Season Blow Out the Shorts?

Considering the market gains over the past week or so, will earnings season send bears running for the hills?

HedgEye Risk Management CEO Keith McCullough essentially tells the Fast desk it will.

"To understand the short sellers you need to be one and if you look at our positions going into April you'd be hard pressed to find anybody more bearish."

But he's had a big change of heart. So why the turnaround?

Watch the video and find out now!




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Trader disclosure: On July 6, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Stutland owns (C), short (C) calls; Stutland owns (CSCO), short (CSCO) calls; Stutland owns (F); Stutland owns (GE) corporate bonds; Stutland owns (GLD); Stutland owns (GOOG), is short (GOOG) calls; Stutland owns (INTC), is short (INTC) calls; Stutland owns (T) is short (T) calls; Jon Najarian owns (BIDU) calls; Jon Najarian owns (SINA) calls; Jon Najarian owns (UA) calls; Jon Najarian owns (NFLX) calls; Jon Najarian owns (SLV) calls; Jon Najarian owns (SLW) calls; Terranova owns (XOM); Terranova owns (HAS); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (F); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX); Weiss owns (DE); Weiss owns (NAN); Weiss owns (HBAN); Weiss owns (BTU); Weiss owns (KEY); Weiss owns (CMA); Weiss owns (COP); Weiss owns (HK); Weiss owns (MRK)

For Brian Stutland
Stutland equities is a market maker in in VIX futures and options, S&P 500 options, and VXX stock and options holding positions in all these instruments.
Stutland equities holds positions in SPY stock and options and e-mini S&P 500 futures. All positions are hedged.

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & URL PLC
Virtus Investment Partners Owns More Than 1% Of (DRYS)

CNBC.com with wires.