BALTIMORE (Stockpickr) -- Earnings season is the driving force for Mr. Market this week, as Wall Street gets pleasantly surprised by better-than-expected profit numbers. Investors came into this earnings season with horrible expectations - earnings estimates had been revised down significantly since March, to the point where Wall Street was expecting earnings to actually decline for the second quarter. So far, that hasn't happened.
Instead, earnings have proven to be a solid catalyst for the orderly rally in the S&P 500 that's been shaping up right under anxious investors' noses.
>>5 Stocks Ready to Boost Dividends This morning's price action points to even more upside in the big index, a critical push higher as investors see whether the S&P can catch a bid as it tests the summer's highs around 1375. As long as Europe stays quiet and earnings continue to surprise pessimists, this rally should continue to have legs this summer. Today, we'll take a technical look at five big names that could benefit most from that momentum in stocks.
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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