On my

Yahoo!

(YHOO)

chat the other day, someone asked me if we were in a bubble. I answered quickly, but then circled back with this thought: If most stocks are

down

over the past year, how in the heck can we be in a bubble? What, no stocks can go up and every stock has to go down for the

Alan Abelsons

of the world to be happy?

Now, yes, the hottest stocks attract the most money, thereby giving the indices the appearance of being sky-high. But, what's wrong with that? Don't the prohibitive favorites in any horse race attract the most wagering?

In fact, what must be most galling is that the value camp keeps hearing this "bubble" stuff while their stocks are sucking wind. Or maybe they're just playing the zero-sum gain,

spreading

the bubble theory, with the thought that if their stocks can't go up, then nobody's stock can go up!

Or, maybe not. Really, what in the heck do I know?

Oh, right, I do know charts. Or, at least I give the appearance of knowing charts. Yeah, that's right, I bat about .500, which would certainly be good enough to land me next to Junior in that Cincy lineup! Have a screaming fastball? Uncork it my way at

technicalforum@thestreet.com. Specials today for all value proponents who take anything I say with a grain of salt!

2Buy or not 2Buy Net2Phone

Gary, I noticed Net2Phone (NTOP) has signed a three-year deal with AOL (AOL) to provide voice to AOL's Instant Messenger. Is the chart for Net2Phone showing a base for purchase? I also have a concern about volume. Andy W.

Lookin' at a Loser

Gary, Please show a chart for one of my loser insurance/financial companies (Berkshire Hathaway (BRK.B) - Get Report, Mercury General (MCY) - Get Report, MBIA (MBI) - Get Report and Bay View Capital (BVC) ). R Kanterman

Radical Radware

Gary, Please teach me something about Radware (RDWR) - Get Report. Neal Ware

Charting a Tree?

Dear Mr. Smith, I am a subscriber and have enjoyed your writing; even the swimming stuff can be good. Never requested before, so here goes, please look at these two "trees": Sycamore Networks (SCMR) and Juniper Networks (JNPR) - Get Report. Andrew Coulter

A Rimm Shot

Gary, I'm a new subscriber and I absolutely enjoy the way you do your charts; your analysis is very unique! How about your views on Research in Motion (RIMM) , got it at 33 and beginning to think I'm too greedy. Dick Weaver

Holding Dilemma

Gary, What do you think of Globix (GBIX) . Should I hold on? I bought at 39 a week ago. Florencio Wee

Catching Up With Cobalt

Gary: Long time, first time. You charted Cobalt (COBT) recently during its freefall. Boing! I'm interested in what the chart says now as it heads the other way. Brian Shaffer

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.