Wednesday's sector rally left Banks (BIX.X) in position to move again on Thursday.  

On Thursday, I will focus on Commerce Bancorp Inc (CBH) which managed a move through the critical 50 day moving average.   A continuation move on Thursday should spark broader interest as the stock tries to grind through overhead resistance from December's failed push to new highs.

Commerce Bancorp

Golden West (GDW) and State Street Corp (STT) are also worth a look intraday, particularly if the market finds its legs early in the session and moves decisively higher. Both stocks are trading at all-time highs however, so participation from the financials and particularly the Banking Index (BIX.X) will be critical to any sustainable extension.

Golden West Financial

State Street Corp

This morning's upgrade of Dick's Sporting Goods (DKS) left the stock in what I refer to as an Infield Fly pattern on a daily chart.   The stock gapped open by better than two standard deviations of its ten period average true range, and closed mid range on the session.   I will watch for a break lower to potentially fill the void left by Wednesday's trading.

Dick's Sporting Goods

Adrian Manz is the author of Around The Horn: A Trader's Guide To Consistently Scoring In The Markets and is cofounder of TraderInsight.com. Email him at adrian@traderinsight.com.