5 Big Stocks to Trade for Gains This Week
BALTIMORE (Stockpickr) -- No news is proving to be good news for stocks in November. The problem is that there's news hitting Wall Street again this morning.
Europe is officially back in a recession for the second time in four years, as the ongoing drama in countries like Greece offsets paltry GDP gains in Germany and France. EU markets are taking the news mostly in stride this morning, the STOXX 50 only off 55 basis points as I write. Meanwhile, U.S. stocks are keeping up the correction that's been in force since October.
But not everything is moving lower right now. A handful of big stocks have promising trading setups popping up this week, which is why we're taking a technical look at five new must-see charts today.
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, I take an in-depth look at big names that are telling important technical stories. Here's this week's look at the charts of five high-volume stocks to trade for gains.