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5 Stocks Setting Up to Break Out

WINDERMERE, Fla. (Stockpickr) -- U.S. stocks are soaring today as signs of stabilization in Europe and better-than-expected consumer sentiment are sparking big buying among investors.

Stocks pushed into daily highs after consumer sentiment data showed a bullish reading. The preliminary Thomson Reuters/University of Michigan consumer sentiment index for November came in at 64.2, which was well above the 60.9 reading in October.

At last check, the market was reacting very bullishly to the news, with the Dow Jones Industrial Average up over 260 points and the S&P 500 up over 20 points. The tech-heavy Nasdaq was surging by over 50 points. Stocks are also pushing higher today as large traders chase performance as we enter a seasonally bullish time for equity prices.

>>5 Stocks Under $10 With Big Upside Potential

If the markets can continue to uptrend in the face of bearish news, then we're going to see a ton of stocks break out and trend significantly higher. The top traders in the world know that markets are made up of thousands of stocks in different sectors. With so many moving parts, there's always some sector or stock that's acting strong and breaking out.

Trading breakouts is not a new game on Wall Street. This strategy has been mastered by legendary traders such as William O'Neal, Stan Weinstein and Nicolas Darvas. These pros know that once a stock starts to break out above past resistance levels and hold above those breakout prices, then it can easily trend significantly higher.

Here's a look at a number of stocks that are setting up to break out and trade higher from current levels.

Stock quotes in this article: CSCO, PSUN, SSRX, UBNT, VELT 

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