Another earnings short-squeeze play in the recreational activities complex is International Speedway ( ISCA), which reported results on Tuesday before the market open. This company is the owner of motorsports entertainment facilities and promoter of motorsports themed entertainment activities in the U.S. International Speedway reported that its fiscal first-quarter profit dropped 20%, hurt by the the tough economy and the shift of some racing events to other periods. ISCA reported net income of $17.1 million, or 37 cents per share, versus $21.4 million, or 45 cents per share, in the same period a year ago. Revenue dropped 14% or $127.4 million from 148.7 million. This company has been far from consistent with its earnings report, jumping around from beating to missing Wall Street estimates during the past fiscal year. That said, the stock is trading just 4 points off its 52-week high of $32.32. The current short interest as a percentage of the float for International Speedway sits at 5.8%. That means that out of the 28.51 million shares in the tradable float, 1.50 million are sold short by the bears. This isn't a huge short interest, but it's more than enough to spark a decent short-covering rally if ISCA can report strong earnings and bullish forward guidance. >>6 Hot Stocks on Traders' Radars From a technical perspective, ISCA is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock has been on a tear for the past six months, rising from $20.08 to its current price of just above $28 a share. The stock also just triggered a near-term breakout trade once it cleared some overhead resistance at $27.50 with big volume. If you're bullish on ISCA, I would look for long-biased trades after its earnings report as long as this stock continues to trend above $27.50 with strong upside volume flows. Look for upside volume that's near or well above its three-month average action of 137,934 shares. If we get that action, then look for ISCA to make a run at its next significant overheard resistance levels of $30.90 to $32.32 a share or possibly trend higher if the bulls gain full control of this stock post-earnings. I would simply avoid ISCA or look for short-biased trades if after earnings it trades back below $27.50 a share with heavy volume. If we get that action, look for ISCA to re-test some near-term support at $25 a share or possibly trend much lower if the bears spark a deep selloff post-earnings.