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Stockpickr) -- Mr. Market is starting to consolidate this morning, correcting after rallying hard for all but a handful of days in 2013.
While it may not seem like it at first glance, a measured pullback is hugely constructive for a longer-term stock rally. It gives investors a chance to catch their breath after such a big move this month before giving it another go. More important, it gives investors a nicer entry point for piling onto their equity positions; after all, you can't "buy the dips" in a market where there aren't any dips.
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And as far as my analysis is concerned, this is certainly a "buy the dips" kind of market.
Not all stocks have been participating in January's equity rally, and in most cases that's been a red flag worth heeding. But in a select few names, signs of bottoming price action point to stocks that could be making up for lost time in February. Today, we'll take a technical look at five of them.
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For the unfamiliar,
technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.
So, without further ado, let's take a look at
five technical setups worth trading now.
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