BALTIMORE (Stockpickr) -- We've all heard this investment disclaimer before: "Past performance does not indicate future results."But that phrase is actually a bit misleading. You see, while past performance doesn't indicate future results, the investment community has found that past performance is highly correlated with future results -- that is to say, a stock's future price movement has quite a bit to do with how it has moved in the past. That's a precept that scores of professional investors (such as technical traders and statistical arbitrage hedge funds) have used to generate gains for years. And it's one that we're going to take advantage of today to try to get a handle on where some of Wall Street's biggest stocks are heading. 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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Bank of America ( BAC) has been struggling to keep up with the rest of the market this year.
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Technology giant Cisco Systems ( CSCO) has also had a slow start to the year, but unlike Bank of America, this communications and networking play has the potential to fall ahead of its August 11 earnings date.
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Sometimes, knowing which issues to trade is half the battle -- and in BHP Billiton's ( BBL) case, it's a losing one.
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