Dow Chart Offers Both Good and Bad News

A few random thoughts...

The Rev put together a pretty objective view of Jim Cramer the other day, and I concur. Say what you will, though: Jimmy C. nailed the Friday selloff and Monday bounce.

Is everyone now looking at sentiment? It seems that way, which makes me doubt the validity of it all.

I've finally figured out why the fundies pick on the technicians: Fundies are insecure! Think about it. Do you know anyone secure in his or her position who wastes time making fun of someone with an opposing opinion? No, the only folks who do that are those who have deep-seated doubts.

We're only six months into it, but boy, this seems like a long year already.

Up until a few weeks ago, I thought Mickelson would eventually win a major. But after seeing him hit driver out of bounds at the 14th hole at Avenel, I have my doubts. Even though the hole is a shorty par-4, no one with a brain hits driver there because the penalty for an errant shot is so high. Maybe he really doesn't have what it takes to win a big one.

If you can believe it, we're still in the deconstruction phase of our house rebuilding, as they're now just taking off the roof. Still, I'm hopeful we'll be back in by Halloween.

Whether she's guilty or innocent, I think Martha Stewart did a pretty poor job of managing this crisis.

Except for a slight grammar change, the "bad luck" quote in yesterday's poll was a steal from an old Cream song.

Today, the Dow Jones Industrial Average, Nextel (NXTL - commentary - Cramer's Take), SonicWall (SNWL - commentary - Cramer's Take), Centillium Communications (CTLM - commentary - Cramer's Take), Goldcorp (GG - commentary - Cramer's Take), InterMune (ITMN - commentary - Cramer's Take) and Forest Laboratories (FRX - commentary - Cramer's Take).

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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.