WINDERMERE, Fla. (Stockpickr) -- U.S. stocks are advancing modestly on Friday, as traders continued to buy stocks into one of the strongest first quarters of trading in recent history. The Dow is up close to 8%, the S&P 500 is up just about 12%, and the Nasdaq has gained an eye-catching 19% since the start of 2012.At last check, the Dow was trading up 57 points on Friday, and the S&P 500 was advancing by 5.4 points. The tech-heavy Nasdaq was up around 3 points. All major indices are trading within range of fresh multi-year highs. That said, the market has seen some selling pressure the last few days. For example, the S&P 500 has fallen for three straight days heading into today. Traders should look for the market to show its hand as we move into next week in regards to what the next major trend is going to be. We often see window dressing at the end of a quarter, so as we head into the second quarter look for the prevailing overall trend to develop. For now that trend is up, but caution is warranted since we have seen such a powerful move in equities these last few months. >>5 Stocks Under $10 Poised to Move Higher Whether the market continues its trend up or enters a new downtrend, there's always going to be stocks that are setting up to trigger major breakout trades. Trend traders who look for breakouts know that market is always serving up something that's ready to move. Trading breakouts is not a new game on Wall Street. This strategy has been mastered by legendary traders such as William O'Neal, Stan Weinstein and Nicolas Darvas. These pros know that once a stock starts to break out above past resistance levels, and hold above those breakout prices, then it can easily trend significantly higher. Here's a look at five stocks that are setting up to break out and potentially trade higher from current levels.
Bonanza Creek Energy
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