Calpine Still Has Some Room to Run

Most of the time, reading the market is an exercise in frustration. But every once in a while, just a ray of sunshine peeks through, and things become a bit clearer.

That's how I feel right now as I consider three things:

All of the sentiment surveys have the bullish percent skyrocketing.

The Nasdaq is very "V-ish" right now and exactly at resistance.

Drilling down to the individual charts, I find lots of them are either extended -- or extended and at resistance.

Add them up and you have a market that almost has to pull back. And soon.

Today, the Nasdaq, General Mills (GIS - commentary - Cramer's Take), Qualcomm (QCOM - commentary - Cramer's Take), Calpine (CPN - commentary - Cramer's Take), ATMI (ATMI - commentary - Cramer's Take), DuPont (DD - commentary - Cramer's Take) and Conexant (CNXT - commentary - Cramer's Take).

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And that is the final word from the Dean Dome, where I have no doubt North Carolina basketball will be back to prominence soon. I'm just not sure head coach Matt Doherty will be along for the ride.

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Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. At time of publication, he held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Smith writes a daily technical analysis column for RealMoney.com and produces a daily premium product for TheStreet.com called The Chartman's Top Stocks. While he cannot provide investment advice or recommendations, he invites you to send your feedback to Gary B. Smith.