BALTIMORE (Stockpickr) -- European Central Bank President Mario Draghi essentially high-fived Mr. Market yesterday, commenting that the central bank's $1.2 trillion in QE initiatives were working and that they would continue on course. European and U.S. equity markets reacted by moving higher.
All told, the big S&P 500 index added 0.21% yesterday, tacking on a bit to the 2.9% that the index has managed to appreciate so far this year.
Market performance has been anemic in 2015, particularly compared with the double-digit rallies we've enjoyed in the last couple of years. But it's a mistake to think that stocks aren't really doing much of anything in general. Some of Wall Street's biggest names have been showing some equally big performance since the calendar flipped to January.
Today, we're turning to the charts for a closer technical look at five big stocks to trade for gains.
First, a little on the technical toolbox we're using here. 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, I take an in-depth look at big names that are telling important technical stories. Here's this week's look at five big stocks to trade.