This week, we wanted to change the pace a little and take a look around the market at a few different stocks we think are particularly well-positioned to benefit if the market continues to move higher.

When prices are near highs, looking for new long positions can be a little unnerving.

However, technicians tend to defer to the trend in an environment like this and prioritize stocks that still have room to the upside while still emphasizing diversification.

Despite being relatively bullish on stocks, we still think there is enough uncertainty in the market to justify a focus on diversification. We hope the three positions in this week’s alert are a good example of what we mean. It’s been a while since stocks had a good draw down (10% or more).

• 3 Stocks Ready to Embarrass the Bears

So, it’s not outside the realm of possibility that we could experience something like that in 2015. However, in the meantime… follow the trend.

Here are three positions to take advantage of now:

1) High Risk, Interesting Upside in Greek Stocks

Love it or hate it, the Greek debt crisis has been postponed again. Eventually this strategy of “extend and pretend” will probably lead to a decline, but that is probably a longer-term issue.

In the short term, it seems that Greek stocks have been oversold. Clearly, any long positions on Greek stocks should be considered extremely high-risk, but price volatility could create some interesting upside to justify a new position.

For example, the Global X FTSE Greece 20 ETF (NYSEARCA:GREK) has nearly completed an inverted head and shoulders pattern.

In the chart below, GREK is on the verge of breaking through the neckline, which is normally considered a fairly bullish signal. A “measure rule” puts the initial bullish price target at $17 per share, which could be easily achievable before the crisis heats up again in three to four months.

Global X FTSE Greece 20 ETF (NYSEARCA:GREK): Chart courtesy of eSignal

2) Opportunities in Interest Rates

Federal Reserve Chair Janet Yellen was very clear on Tuesday and Wednesday this week that while the Federal Open Market Committee may remove the word “patient” from its statements that did not mean it was going to raise rates in the short term.

That may or may not be true, but we know that expectations did continue to shift following those comments. On the one hand, traders seem to be taking Janet Yellen at her word and have priced in a rate hike for October 2015, rather than June or September. However, on the other hand, expectations that rates will be hiked (when that finally happens) beyond 0.5% have also grown.

This may present some interesting opportunities for investors looking for a bearish position. If expectations for larger rate hikes rise, dividend payers tend to fall (all else being equal), which is a bad deal for utility stocks.

As you can see in the next chart, rising prices on the SPDR Utility ETF (NYSEARCA:XLU) has pushed the dividend yield to an extreme low.

In fact, the yield hasn’t been this low since a massive 2007 – 2008 head and shoulders reversal pattern appeared after the utilities sector became was similarly overvalued. While we like this as a potential short-term position, more conservative shorts might look for a break of the $45 per share support level as a trigger for a longer-term bearish position.

Part of our interest in this position is that we still expect the stock market to be fairly bullish through 2015. What we are looking for is a 2013-style draw down, where investors move into growth equities and out of dividend-payers as interest-rate expectations continue to rise and stocks rally.

SPDR Utility ETF (NYSEARCA:XLU): Chart courtesy of YCharts

3) Buy More Apple!

Apple Inc. (NASDAQ:AAPL) lost a lawsuit to a patent troll this week, and the judgment was larger than expected. AAPL will be appealing the decision that iTunes was intentionally infringing these patents. Considering that this initial ruling was made in Texas (the proud home of most patent trolls), Apple’s appeal may have some legs.

Whether we are right or not relative to the patent decision’s appeal, the judgment was large enough to call a halt to AAPL’s rise in value due to increased risk. We don’t expect that to last. Apple has been outperforming in just about every measure and will be releasing the Apple Watch in April. There is no good way to predict the impact of the Apple Watch, but we got a lot more excited about it this week.

It’s safe to assume that the Apple watch will be popular in the wearable market, but how large is that potential customer base? Who needs another screen attached to their bodies? Well, it turns out the crowd may be pretty large.

Earlier this week, the leading smart-watch maker, Pebble Technology, sold out of its early-bird offer for its new version of the Pebble in 15 minutes. Pebble Technology has sold 44,000 units that don’t even exist yet over the last 24 hours. We assume that AAPL’s product development skills will allow it to take a big initial bite out of this market.

We like a new long entry on Apple if it bounces in the $128 range. This is the 161.8% retracement level, based on December and January’s decline. AAPL stock blew through the initial $128 target level and has now retraced back to it.

We suggest keeping a reasonably wide range of support around $128 for potential entries but waiting for a buying signal before jumping in. As growth expectations improve, investors will be looking for new positions in companies that are relatively undervalued who are continuing to innovate.

Apple Inc. (NASDAQ:AAPL): Chart courtesy of eSignal

InvestorPlace advisors John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next trade and get 1 free month today by clicking here.

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