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The No 1 Gold Stock for 2019

MPTrader Mid-Day Minute - Internet Holders Trust (HHH) Upside Breakout

Stock-Markets / Exchange Traded Funds Jul 06, 2007 - 02:32 PM GMT

By: Mike_Paulenoff

Stock-Markets 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.

Sign up for a free 15-day trial to Mike's ETF Trading Diary today.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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