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TheStreet Open House

5 Big Stocks Ready to Slingshot Higher

Stock quotes in this article: PPG, ARNA, SLB, MU, AGN

BALTIMORE ( Stockpickr) -- What do taxes in Spain have to do with your portfolio this morning? More than you may think.

Spain is in the crosshairs this morning, after Prime Minister Mariano Rajoy announced 65 billion euros of spending cuts and tax hikes to try to calm anxious traders. Spain's 10-year bonds have been flirting with 7% yields, a cost level that makes it nearly impossible for the Kingdom to keep up with its debt load. And if Spain can't pay those bills, the eurozone (and anything with financial connections to it) could be in serious trouble.

That's why the decisions being made in Madrid are impacting your stocks stateside this morning.

>>5 Stocks With Huge Insider Buying

And this morning's announcement is being absorbed favorably at this point. As I write this morning, the S&P 500 is pointed moderately higher. Of course, stocks were pointed higher on Tuesday morning too, before reversing lower for a 0.81% value haircut in the S&P by the closing bell.

Despite what may seem like tumultuous market conditions, stocks have actually been behaving pretty orderly this summer. While volatility has clearly increased in the last month (in spite of readings in the VIX Index), the bounce higher that started in June has been well defined and obedient to the technicals.

Right now, it looks like "up" is the likeliest direction for the S&P for the rest of the summer. Today, we'll take a technical look at five big names that could benefit most from it.

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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.

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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