BALTIMORE (Stockpickr) -- What a week. From the Greek vote on Sunday to yesterday's QE3 announcement (or the lack thereof), investors have been on pins and needles waiting for the next round of market-shaking news to come out before they make up their minds on what to do with stocks.
Of course, not all of this week's decisions were curve balls. As I expected, QE3 isn't coming after all. Instead, the Fed and Bernanke decided to kick the can a little further down the road by extending Operation Twist. With strategists from Goldman Sachs (GS) to SocGen (SCGLY) -- and their clients -- predicting a $600 billion round of quantitative easing, extending OT was pretty much the only move Bernanke could make in this scenario; not announcing anything at all would have torpedoed stock prices.
But make no mistake -- we're not exactly in "make it or break it" mode for Mr. Market right now. In fact, it looks like the correction is coming to an end in the S&P 500. And that could cause one set of stocks to slingshot higher for the end of June.Today, we'll take a technical look at them. If you're new to technical analysis, here's the executive summary: Technicals are a study of the market itself. Since the market is ultimately the only mechanism that determines a stock's price, technical analysis is a valuable tool even in the roughest of trading conditions. Technical charts are used every day by proprietary trading floors, Wall Street's biggest financial firms, and individual investors to get an edge on the market. And research shows that skilled technical traders can bank gains as much as 90% of the time. >>ACTIVE STOCK TRADERS: Check out Stockpickr's special offer for Real Money, headlined by Jim Cramer, now! Every week, we take an in-depth look at big names that are telling important technical stories. Here's this week's look at the technicals of five high-volume stocks ready to move higher.
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