Around The Globe

This morning I took a look at the Internet group, which has been
weak of late. Something that always catches my eye is a chart that has been in
the same trend for years. Such an example can be found in this group —
TheGlobe.com. This is a monthly chart of the stock. Ouch.

Today’s Tech Watchlist:
(
MNMD |
Quote |
Chart |
News |
PowerRating)
,
(
IMNX |
Quote |
Chart |
News |
PowerRating)
,
(
RNWK |
Quote |
Chart |
News |
PowerRating)

MiniMed
(
MNMD |
Quote |
Chart |
News |
PowerRating)
, makers of diabetes pumps, has been
holding up quite well lately. It has been moving in an uptrending channel for
the past month. It looks to approach the low of the channel once again, which
may provide a trading opportunity based on a bounce. Set your alerts near 81 and
80 and watch for a touch of the trendline. Use caution when going long. Consider
waiting for a bounce off the trendline, rather than simply using a limit buy
near the support area.

Immunex
(
IMNX |
Quote |
Chart |
News |
PowerRating)
closed below near-term support on very heavy
trade on Tuesday. IMNX was holding its own until it decided to finally move with
the broader market. Set your alerts near Tuesday’s intraday low and watch for a
continuation move to provide a short opportunity.

RealNetworks
(
RNWK |
Quote |
Chart |
News |
PowerRating)
is a member of the weak Internet group.
It also closed below near-term support on Tuesday, but only on average volume.
Once again, we will set our alerts near Tuesday’s intraday low and watch for
another move south. You may consider also using a  chart of either the DOT
or IIH (the two Internet indexes) to get a feel for the intraday sentiment
toward the entire group. I do not like to fight the trend, so if the entire
group is bouncing, I do not want to short into that move.


Until later, 

Dave Baker