In a post yesterday I discussed one of the hot momentum names I followed during the tech run-up of the late-1990s. Another stock that fits that same description, including the fact it fell off my radar screen until now, is Ariba, Inc. (ARBA). Shares of this computer services firm are up nearly 20% today. However, the difference between this stock and the one I discussed yesterday, Celestica Inc. (CLS), is that Ariba is already well-liked on the Street. According to Zacks, 7 of 11 analysts (64 percent) rank the stock with a "buy" rating.

While I prefer to see analysts on the sidelines, the stock does have a couple of things going for it. In terms of the weekly chart below, I would call the bounce off lows near 8 to be encouraging. Since the beginning of the year, the shares have been trapped below the 10 level. Today's push gives us a breakout above that mini-range.

Chart Courtesy of Thomson Financial

A factor that may intensifying today's move is short interest. A little more than 11% of the stock's float is sold short so we could be seeing some short covering here.

In terms of my overall thoughts, I would prefer to see analysts a little less enthusiastic but the stock does have the wind at its back. Holding above 10 would be an important step to breaking the recent downtrend. If that holds, the annual high near 13 would be the next major resistance level