One stock that's already starting to break out is Collective Brands (PSS), which is engaged in the wholesale and retail of footwear and related accessories worldwide. This stock has been hammered by the bears so far in 2011, with shares off by around 30%.
If you take a look at the chart for Collective Brands, you'll notice that this stock has been stuck in a sideways trading pattern for the last month, between $12 a share on the lower end and $14.41 on the higher end. Now the stock is starting to break out above $14.41 a share, which could be signaling that a much bigger move higher is coming. The next major overhead resistance levels that traders should keep an eye on are at $15.40 to $16 a share. If this breakout holds, and then the stock takes out those levels, it could then make a run at filling the May gap down in price that started at around $19 a share.