BALTIMORE (Stockpickr) -- It's Thursday -- and that means economic data will be at the forefront of today's market action. From this morning's jobless data to the Fed's leading indicators to a slew of companies' earnings data, expect today's market direction to be seriously impacted by the deluge of data hitting Wall Street.With an uptick in volatility also taking place this week, traders are capitalizing on the increased moves that stocks sporting. To eke maximum gains out of the market, they're turning to the technicals. >>Also: Technical Setups: Cigna, FirstEnergy, Boeing 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.
The SPDR S&P 500 ETF ( SPY) is one of the issues that constantly sees one of the highest trading volumes on the NYSE. That's in part because of the broad appeal of this $77 billion exchange-traded fund, which mirrors the performance of the broad-based S&P 500 index, a common proxy for the stock market. Because SPY provides exposure to the moves of the S&P, this fund has also become a haven for traders.
U.S. bank stocks rallied hard yesterday, pushed by a combination of good earnings and a correction from the bearish action on Tuesday. One of the biggest gainers was Wells Fargo ( WFC), which reported its earnings numbers to Wall Street yesterday. In its call, Wells beat analysts' bottom-line expectations for the quarter and announced favorable trends in charge-offs and financial strength -- a welcome change for the firm.
Aptly-named China Life Insurance ( LFC) is one of the largest life insurers in the People's Republic, with a $132 billion market cap and nearly 40% share of the market. Shares of the stock have been on a tear since September, rallying more than 22% during that time. Now, with a new breakout under LFC's belt, this stock could be headed even higher.
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