BALTIMORE ( Stockpickr) -- Well, it's official: Greece has formally defaulted on its debt, according to the folks at Standard & Poor's. And the market couldn't care less.
The news makes Greece the first eurozone country to get a default classification from a ratings agency, a distinction that frankly comes as little surprise to investors right now. If nothing else, the market's reaction to the news is a more palpable example of how different equities look now from just a few months ago; toward the end of 2011, Mr. Market would take any excuse from the eurozone to sell off. Now, stocks have essentially priced in what were considered fat-tail risks not long ago -- and they're plowing higher.
The S&P 500 bucked off a lower open yesterday to close above 1365 yesterday, a move that confirms Friday's push through that technically-significant resistance level. Even though the much-watched Dow Jones Industrial Average is still shy of the 13,000 level, the S&P's move has more direct implications for the broad market.To take advantage, we're focusing in on attractive technical trades forming in five stocks this week. For the unfamiliar, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution. Here's a look at a handful of technical setups that could deliver breakout gains to your portfolio this week.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV