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TheStreet Open House

5 Big Stocks Set to Slingshot Higher

Stock quotes in this article: AAPL, CBRL, ALL, TRV, SYK

Apple

Apple (AAPL) is one of those stocks that we come back to a lot in this column - that's no great shock given the Cupertino, Calif.-based firm's size. With a market capitalization of $628 billion, Apple weighs in as the biggest company in the world. And that size comes with plenty of trading setups.

The last time we looked at Apple, shares had just broken out above key resistance at $640, triggering a buy signal for investors. Now, with Apple's hotly awaited Sept. 12 event just a week away (investors expect the firm to announce an iPhone 5 at the event), the big question is whether it still makes sense to buy shares here.

>>4 Stocks to Buy and Forget for 4 Years

The big answer is "yes."

Like the trade we looked at in Travelers, Apple is forming an ascending triangle right now, just a very short-term one. Resistance comes in at $680 -- that's the price we'll want to see get taken out for Apple to spark a new buy signal. Momentum continues to look strong for AAPL right now, a fact that adds some extra confidence over the setup in shares.

While I'd recommend waiting for a bid above $680 before buying, an abundance of support levels reduces Apple's downside pretty substantially right now. Either way, I'd suggest using a tight stop -- especially if the breakout happens before the Sept. 12 announcement.

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