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BALTIMORE ( Stockpickr) -- I'd imagine this is getting old for Bernanke at this point.
All eyes are on Ben Bernanke this week, as investors wait intently for the
Fed chairman's press conference in Wyoming tomorrow. Once again, QE3 is the topic of interest. Investors want to know if the Fed will be pumping liquidity into the market with another round of so-called quantitative easing.
The QE3 talk is practically comical at this point; it's like investors are a bunch of QE junkies just waiting for their fix. The fact of the matter is that, much like heroin, easing may provide a short-term high, but long-term it's a disruptive, toxic move.
>>5 Toxic Stocks You Need to Sell Now
A few months ago, the last time the QE3 rhetoric started popping up, I said why I didn't think that QE3 was coming for investors:
The data just didn't support another round of Fed intervention. It still doesn't.
And even if it did, why would Bernanke want to pump liquidity into the markets now anyway? Stocks have been experiencing a double-digit rally for the last few months at the same time that unemployment's been falling and housing has been recovering. I'll be the first to admit that I can't predict what Ben's going to say tomorrow, but how much sense does it make to whip out your last box of ammo when things
could be a lot worse?
That's why we're ignoring the investor anxiety ahead of the meeting and taking a technical look at five new setups set to slingshot higher in this market.
>>5 Stocks Set to Soar on Bullish Earnings
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.