BALTIMORE ( Stockpickr) -- The passing of the financial regulation bill in the House clears the way for a Senate vote in mid-July, leaving most of Main Street wondering what the bill will actually change for investors. But one person who doesn't have to wonder is Warren Buffett. If FinReg passes the Senate later this month, the Oracle of Omaha will have to post an additional $8 billion in collateral on Berkshire Hathaway's ( BRK.A) ( BRK.B) $62 billion in derivatives exposure, according to Barclays analyst Jay Gelb.

Buffett's far from the only investor affected, but ultimately, it's likely that any added costs shouldered by financial institutions will be passed on to end consumers, a prediction that's been priced into many large financials already.

That said, volatility continues to big factor in the markets this week, offering technical traders the opportunity to increase their profitability on short-term plays.

Technical analysis uses a stock's price movements to determine where shares are headed in the future. Technical charts are used every day by proprietary trading floors, the Street's biggest financial firms and individual investors to get an edge on the market. And according to some sources, skilled technical traders can bank gains as much as 90% of the time.

Here's this week's look at how some of the biggest names on Wall Street are trading technically.
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There's seemingly no end to the troubles BP ( BP) is facing right now in the Gulf of Mexico -- and on Wall Street.

Since April 20, when the fatal explosion on the Deepwater Horizon oil rig spurred the largest offshore oil spill in U.S. history, the company has been battling to get the flow of oil under control. On the financial front, the potential obligations BP will be forced to pay out are having a drastic effect on the company's share price -- and with rumblings of a potential bankruptcy last week, investors have been stuck on a serious roller coaster ride.

Shares of BP have tumbled more than 51% since the spill started, giving technical traders ample opportunity to make a profitable momentum trade against this stock. And because of the newsworthiness of BP's problems, more investors have piled onto shares, giving BP one of the heaviest trading volumes on Wall Street right now. But you'd best avoid shares at the moment.

BP is just starting to bounce off of support, heading higher to a moderate resistance level at $32.50. But the upside really isn't there for this stock in the short-term. Because BP is stuck in a relatively tight trading band, it's unlikely that we'll see a high-percentage move soon, barring any fundamental news. Consider reacting if it breaks out of the range; otherwise, leave this one to the scalpers.
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It's hard to talk about popular, high-volume stocks without adding Apple ( AAPL) to the list.

As the world's biggest tech stock, Apple is a perennial favorite for traders, but thanks to the monumentally successful launch of the iPhone 4 last week, this stock is getting more attention that usual.

Unfortunately, that attention's been predominantly bearish for the last couple of weeks, but looking longer-term, there could be a bullish setup in this stock. Apple has been on a clearly defined uptrend since February, with a support level that's been successfully tested five previous times. I'd expect a bounce off of the blue line with a pretty safe bounce to around the $280 level.

As sales data comes back on the iPhone 4 and iPad, the potential for a break to a new 52-week high is very possible. But for now, wait for the actual bounce before jumping on board this stock.
Who Owns Apple?

Spanish banking giant Banco Santander ( STD) isn't just surviving Europe's financial problems -- it's actually thriving in spite of them.

That's thanks largely to huge exposure to the high-growth Latin American market, which currently contributes around 40% of the company's earnings. That diversification should continue to bode well for Santander as investors realize that this banking stock isn't relegated to Spain's recessionary troubles.

Right now, the thing to watch in shares of Santander is the huge divergence between the 50-day and 200-day moving averages. With share prices sitting right below the former, the potential for a breakout uninterrupted all the way to $14 is very appealing. I'd watch this stock very closely right now. Hold out for a push above the 50-day, followed by a short pullback to support, then a bounce higher to the 200-day.

Wait for that bounce off of support before becoming a buyer of this company.
Who Owns Banco Santander?

To see this week's trades in action, check out the High Volume Technicals portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.


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At the time of publication, author was long BRK.B

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on