Apr 16

Upside Follow-Through for Internet ETF

Let's notice that the Internet HLDRs (AMEX: HHH) ETF gapped up this morning, confirming Friday's close above its 16-month resistance line (57.45). The powerful upside follow-through has hurdled the February recovery high (58.70), which also is a very bullish sign. My pattern and oscillator work point to a climb to confront the top of the Aug-Apr. channel in the 61-61 target zone. Only a sudden decline that breaks 56.80/70 will wreck the current technical set-up.

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!