Today's Volume: 3.9 millionAverage Volume: 2.8 million Volume % Change: 690% Shares of PETM are skyrocketing today after the company beat Wall Street expectations as all aspects of its business grew. One analyst called the results a "howler" of a first quarter. (I featured PetSmart earlier this week in " 5 Stocks Set to Soar on Bullish Earnings.") From a technical perspective, PETM is gapping up sharply higher here on above average volume. This move has pushed PETM into breakout territory since the stock has blown through some near-term overhead resistance at $59.36. Traders should now look for long-biased trades if PETM can manage to take out its daily high with strong volume. At last check, PETM has hit an intraday high of $62.10 and volume is well above its three-month average action. On the flipside, traders should look for short-biased trades if PETM takes out today's low of $59.80 with heavy volume.
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