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Things Are Looking Ugly out There

Lately, it seems every chart I show has some warts. Some more than others, but basically, they all stink.

Still, you'd think there would be something working. And there is. There always is. My favorite way of finding stuff that's working? Just look through all of the stocks making 52-week highs. Forget about looking for stuff that's down 50%, because as folks have found out, that stuff can quickly be down 80%!

No, if you must go long, at least do it with charts that are holding up. It's a funny thing, but stocks that have already made one 52-week high have the best chance of making another 52-week high. I know, real rocket science, right? Hey, it doesn't have to be hard.

Anyway, here are five charts that looked interesting. Maybe these five are right for you, maybe not. But it's easy to find stocks making new highs every day. Just scribble a few down, pull up the charts, and look for some of the things I noted below. Believe me, going long this way is a lot easier than trying to nail a bottom on anything tech these days.

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 five technical analysis columns for TheStreet.com each week, including Technician's Take, Charted Territory and TSC Technical Forum. While he cannot provide Investment advice or recommendations, he welcomes your feedback at gbsmith@attglobal.net .

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