BALTIMORE ( Stockpickr) -- Yesterday's passing of the financial reform bill in the Senate is likely to steal the market headlines to finish the week, but it's less likely to make a major impact on stocks. The bill, which passed the House last month, immediately cuts off new spending from TARP and creates new agencies tasked with protecting consumers from financial frauds and abuses. It also places to restrictions on derivatives and executive compensation, and a new "kill switch" for the government to carefully dismantle businesses once deemed too big to fail.But for all of the verbiage in the 2,300-page financial reform bill, few of the changes will actually be felt by retail investors. Instead of focusing on fundamentals price catalysts that aren't there, let's look to lock in gains with the technicals instead. 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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For Danish biopharmaceutical company Novo Nordisk ( NVO), 2010 has been an impressive year; shares are already up more than 39% since January. But more good times could be ahead thanks to a bullish pattern in the company's shares.
|Who Owns Novo Nordisk?|
That bullish sentiment isn't being shared at competitor GlaxoSmithKline ( GSK). While Glaxo has made a nice double digit run-up since late May, it's hardly made up for the precipitous decline in share prices over the course of the last six months. And the bearish tilt could be far from over with shares bumping their head on resistance right now.
|Who Owns GlaxoSmithKline?|
Brazilian mining giant Vale ( VALE) is another stock that's under bearish pressure right now -- only Vale's downside risk isn't just a bearish overtone. It's a potential short-side setup.
|Who Owns Vale?|
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