5 Big Stocks Ready to Slingshot Higher

BALTIMORE ( Stockpickr) -- It's data Thursday today, but one set of economic announcements matters more than all the rest: the Fed's rate decision this afternoon and Ben Bernanke's press conference at 2:15 p.m.

Bernanke has been busy for the last several weeks, whispering sweet nothings about QE3 to all-too-excited market participants. The problem with those comments so far is that "sweet nothings" are exactly what the Fed has committed to.

Put another way, talk is cheap, but QE3 is expensive -- really expensive. To me, it's not clear at this point whether Bernanke is seriously considering another aggressive round of quantitative easing, or if he's politicking by merely hinting at it.

>>5 Stocks Poised to Pop on Bullish Earnings

So far, anyway, the traditional data points don't support pumping more money into the market. But after so many promises of another round of liquidity, Bernanke and company may find it's time to pay the piper. Today's announcements will reveal which is the case.

Meanwhile, stock investors haven't exactly been hurting from a lack of a definitive QE3 announcement. So far, the S&P 500 has rallied 14.3% in 2012, making it a blockbuster year for stocks anyway you slice it. And with the big index still trading in its uptrending channel right now, there's reason to believe that the buying isn't over.

That's why we're taking a look at five stocks that look primed to slingshot higher from a technical standpoint.

>>5 Stocks Under $10 Poised for Breakouts

If you're new to technical analysis, here's the executive summary.

Technicals are a study of the market itself. Since the market is ultimately the only mechanism that determines a stock's price, technical analysis is a valuable tool even in the roughest of trading conditions. Technical charts are used every day by proprietary trading floors, Wall Street's biggest financial firms, and individual investors to get an edge on the market. And research shows that skilled technical traders can bank gains as much as 90% of the time.

Every week, we take an in-depth look at big names that are telling important technical stories. Here's this week's look at the technicals of five high-volume stocks ready to move higher.

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