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Stockpickr) -- "Oops."
At least, that's what I imagine someone must have said at the
Fed when officials realized that they'd accidentally released FOMC minutes to banks and a handful of other groups a day early. Clearly Mr. Market didn't care -- yesterday's 1.22% rally in the
S&P 500 (and colossal 1.83% rally in the
Nasdaq) is proof enough of that.
>>5 Stocks Poised for Breakouts
News that the Fed was pondering an end to stimulus helped spur buying in stocks, but market watchers should be careful not to ascribe too much emphasis to how much the announcement impacted the market. After all, stocks have been consolidating for the last month and change after staging an extremely orderly rally -- so in my view, yesterday's breakout was more a function of
some positive news hitting the market than
what positive news hit the market.
The new all-time highs in two-out-of-three big indices yesterday matter. That's because they're spurring on attractive trading setups in some of the biggest names on Wall Street; today, we'll take a technical look at five of them.
>>5 Hated Stocks to Beat the S&P in 2013
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, I take an in-depth look at big names that are telling important technical stories. Here's this week's look at the charts of
five high-volume stocks to trade for gains.
>>5 Stocks to Keep on Your M&A Deal Radar