WINDERMERE, Fla. ( Stockpickr) -- U.S. stocks are trending noticeably lower today as fears grow among investors over Italy's long-term debt auction set for Thursday.
It appears that traders are taking some risk off the table ahead of the Italian auction as the euro prints new 11-month lows. Weak demand for Italian debt on Thursday could stoke more sovereign debt fears, so traders are selling equities first and asking questions later.
At last check, the
Dow Jones Industrial Average
had shed 131 points, and the
was off by around 14 points. The tech-heavy
was trending lower by 30 points.
>>7 Hot Stocks on Traders' Radars
Despite the overall weakness in the market today, a number of stocks are showing relative strength and either trending significantly higher or setting up for key technical breakouts. Often when a stock triggers a major breakout, it will trend higher despite any overall market weakness.
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
several stocks that are setting up to break out and trade higher from current levels