The stock indices remain perched right near the high of their month-long rally, off of 10,157 in the DJIA, and looking and acting like there is considerably more upside directly ahead.  Take a look at the chart of a Dow component, Wal-Mart (WMT), that has considerably more upside potential within its current upmove.

Seven weeks ago, WMT hit a near 5-year low at $42.31, and the lowest price of the downleg tha commenced after the March 2004 hight at $63.31.  Since the Septemeber 2005 low was established, which aslo approximated a 50% retracement of the entire preceeding bull move in WMT, the stock has climbed to $49.62, or by 17%.

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.