What Stocks Still Have Upside After Fast Start to 2013?

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After two corrective type days in the world markets, and we are seeing some green arrows overnight. Japan continues to lead the way as Europe and China are also up a bit. US stock futures are up three handles after JP Morgan (JPM) revised its forecast higher for US economic growth following stronger-than-expected retail sales in February. Gains in major US indices have been small in the last two sessions, but the Dow remains on a nine-day winning streak. Investors also await weekly jobless claims and PPI numbers this morning.

The S&P 500 ETF (SPY) spent three days holding the upper floor around $155.20ish, which also gave some time for the 8-day to play some catch-up. So far this morning we are indicating above yesterday's pivot resistance that stands at $156.12. Let's see if we can spend time above that level this morning. If we can hold higher, the next resistance is $156.80ish and then $157.20.

You don't have to be all in or all out" of this market. While holding multiple long positions all year has been the best approach, I believe when you get extensions to all-time highs in major indices you should also trade around positions. Trim and trail the biggest winners as they get extended from short-term moving averages.

In my 2013 predictions, we outlined several stocks that looked bullish for 2013, and many of those stocks have extended to targets quicker than expected. It's worth a review of those picks to see where potential upside could lie.

The tech sector has a whole continues to lag, but there have been numerous great individual set-ups. In a perfect world traders like to see tech lead, but the market never gives us exactly what we want.

Google (GOOG) is still basing above the 8-day moving average. In my opinion, it needs to get going soon or it could roll over a bit.

Netflix (NFLX) triggered for another cash flow type move above $186 and still looks good. The catalyst yesterday was news of a significant integration with Facebook (FB).

LinkedIn (LNKD) also gave traders another entry above $178 and still looks good. News of a partnership with Intuit (INTU) helped ignite yesterday's move.

Yahoo! (YHOO) has been trickling lower and trying to hold the 8-day. It's trying to hold $22ish.

Amazon (AMZN) hasn't been able to take out resistance. It was downgraded today--see if it can hold $267ish.

eBay (EBAY) hurt some yesterday as it looked like it could have bottomed on Tuesday and then engulfed that day. That is very tricky action, and the stock is up a little this morning.

Western Digital (WDC) had some upside follow-through after Tuesday's nice break out.

VMware (VMW) ignited yesterday into its old gap that started at $80ish. It has room up to $90-92 if it wants to continue.

IBM (IBM) has been very impressive. I've stayed away as I was not a believer, but it's good to see historic highs for stock pickers.

Facebook (FB) has been disappointing as it was weak yesterday with another downgrade. It still looks fair but has no real action. Facebook might need to wait until next quarter to get momentum.

Research in Motion (BBRY) was a nice surprise yesterday in the last hour. It was buyable after the news that a large order of 1 million BlackBerry 10 phones had been placed from one client. It's following through up a bit his morning, let's see it if can hold.

Apple (AAPL) could be in-play as Samsung unveils its new Galaxy S IV phone. Also this morning, news that China Mobile is spending heavily on building 4G infrastructure in preparation for a 4G iPhone offering is helping push AAPL stock higher. Yesterday AAPL held $425 and turned at resistance. Today could be interesting as everyone thinks AAPL could get crushed today. Everyone usually is not correct. Anyway, the stock needs very heavy volume to take out $435-$439 for this to start acting better. Important support is $420-425. I will keep an eye on it. No position for now.

The Transports (IYT) got back in the mix yesterday and led the charge. Dow Theorists will tell you that type of action in the transports forecasts more upside for the market and better days for the economy. The Industrials (XLI) are also in good shape.

Banks (XLF) are still consolidating and will see some news by the Fed today. See how they handle it.

Boeing (BA) had a big two-week move. After holding up well during the Dreamliner saga, the stock finally made the breakout we had been looking for in my 2013 predictions.

*DISCLOSURES: Scott Redler is long BBRY, BAC, LNKD, S, FB, F, WMT. Short SPY.

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