The Internet sector and ETF (Amex: HHH) continue to motor higher... led by Amazon (AMZN) and eBay (EBAY). Let's notice that today the HHH has climbed above its prior rally peak at 61.65 on 9/06 and is poised to continue higher to confront the May-Sept resistance line, now at 62.40, which should be hurdled on its way to a full-fledged test of the May high at 63.93. At this juncuture only a decline that breaks 59.40 will compromise the developing bullish pattern.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.