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TheStreet Open House

5 Huge Stocks Ready to Slingshot Higher

BALTIMORE ( Stockpickr) -- It's "data dump Thursday," but investors don't care this week.

That's because it's the technical factors, not fundamental news, that are ruling stocks this week. Investors feel overwhelmed right now, and that's understandable -- we've been trading anything but a quiet and collected market this year. Drama from Europe, unclear earnings, and more than a few scandals have all contributed to the overload investors are feeling right now.

So that's a big part of why investors are largely ignoring today's data frenzy: jobs numbers, housing data and manufacturing numbers. But the problem is that investors have been ignoring this summer's rally as well. On Tuesday, in " 5 Toxic Stocks to Sell Now," I mentioned that the rally starting in June has accounted for 84% of the S&P 500's gains in 2012. That's not some insignificant move upward.

>>5 Big Stocks Ready to Pay You Bigger Dividends

In fact, the broad market has risen 10% since the first week of June, delivering more gains in those last couple months than Mr. Market has averaged annually in the last decade.

Today, we're taking a technical look at five huge stocks that could slingshot higher from this rally.

If you're new to technical analysis, here's the executive summary.

>>5 Stocks With Big Insider Buying

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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