Little did I think that the HHH would blast above the top of its April-November price channel, but you can see from the chart that last Friday and today, the HHH rocketed above its channel resistance line at 67.60, and has followed through to 69.43 so.  In that the accompanying oscillators remain in the heathy (if overbought) condition, coupled with the powerfule charts exhibitied by YHOO, EBAY, TWX, and AMZN, my work points still higher for the Internet sector.  Next target is 70.00/30.  Only a decline that breaks and closes below 67.60 will argue that the current upleg has entered a meaningful corrected period.

MJP 11/21/05

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.