Let's notice that so far today the Internet HLDRs ETF (AMEX: HHH) opened lower but has climbed into positive territory -- at new recovery rally highs, with the possibility of closing the session with a key upside reversal spike.

eBay (Nasdaq: EBAY), which is about 30% of the HHH, looks very impressive for upside continuation towards a confrontation with multi-month resistance at 35.30/40, while Yahoo (Nasdaq: YHOO), also about 30% of the HHH, appears to be sending its bear phase. Should that be the case, the EBAY, AMZN, TWX and YHOO, all the major components of the HHH, will be in a relatively positive technical position to drive the ETF towards 64-65.

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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