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5 Stocks Setting Up to Break Out

WINDERMERE, Fla. ( Stockpickr) -- Stocks struggled for direction Friday, one day after the S&P 500 hit 1,400 for the first time in nearly four years. The Dow Jones Industrial Average registered its seventh straight day of gains on Thursday and closed at its highest level since December of 2007, while the Nasdaq closed at its highest level since November of 2000.

The recent up move in the markets has taken many traders by surprise, which goes to show that following the prevailing trend will give you the highest probability of making money. Many traders have been trying to pick tops in the market and leading stocks, but that has shown to be the wrong move to make.

At last check, the Dow was trading up 6 points, and the S&P 500 was trading up 2 points. The tech-heavy Nasdaq was moving higher by 2 points. The Dow Jones Industrial Average is now squarely above its key psychological level of 13,000. The Nasdaq is also 55 points above its key psychological level of 3,000. If the market can continue to trend higher and hold these psychological levels, then a number of sectors and stocks re going to break out and trend much higher.

>>5 Big Stocks to Trade for Gains

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 five stocks are setting up to break out and trade higher from current levels.
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Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

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