Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Internet ETF, led by eBay, on the Rise


I told our subscribers early this AM that I wanted to reduce exposure to the long side, especially with oil prices rocketing, and bond prices plummeting. However, when I see a chart pattern like the enclosed upside breakout in the Internet HLDRs (AMEX: HHH) from a two month bullish coil, I view it differently than a mature upleg in an instrument that likely will be much more vulnerable to the swings in oil and bonds-- and gyrations of the major equity averages. Whether you buy that excuse or not, the HHH has a very compelling picture, with its major component, eBay (NASDAQ: EBAY), looking very promising as well.

Today's action in the HHH, led by eBay's surge, appears to have thrust the Internet ETF out of the confines of an 8-week bullish coil pattern, which should be the inauguration of a new upleg that projects to new highs in the 64.20/60 target zone. Only a sudden failure to move higher followed by a decline that breaks 59.60 will wreck the developing bullish pattern.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!