Today we continue with a look at another of the 21 stocks that Cramer identified as part of the Internet mobile tsunami -- Palm (PALM) .

The PALM chart bears witness to the fact that stocks do not go up forever. Earlier this year, PALM traded to almost penny stock status. It's hard to believe PALM traded at $175 back in 2000. With PALM trading at just under $11 (and having already turned in a 18-fold move from the March low to the recent high), will buyers step up and take it higher?

When we look at PALM, we see something that few stocks have done throughout this huge run off in the March bottom -- we see a

confirmed bullish trend

on a long-term timeframe. At each point, as swing points were broken and prices headed higher, volume confirmed the move each step of the way.

When you are considering a longer-term purchase, ideally you want the primary trend (for that stock) at your back and you want it to be confirmed. You want it that way because it is telling you there is a significant desire to buy -- even at higher prices.

Although it is likely that many of these buyers were short-covering (PALM still has 37% of its float short), to dwell on that would be rationalizing, an indicator as Helene Meisler would be the first to tell you. Seriously, what does it matter if the buyers were short-covering? There is still a huge number that will still have to cover before this is over. With that high of a short interest, you can expect that the volatility in this stock will continue.

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L.A. Little is an author, professional trader and money manager who writes daily on

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