This is my take on the market: It felt a whole lot weaker earlier this week. Now, I'm neither bullish nor bearish. How do I arrive at that? Well, my longs are still dropping. But, more importantly, my shorts are only inching down, if at all.

And that's a key tipoff for me. If the market is ramping up but your longs aren't, watch out. Likewise, if the market looks nasty but your shorts don't budge, there could be an upturn around the corner. Guess we'll see.

Like this crystal ball stuff? Hey, it sure beats reading your horoscope. (I'm stuck with Capricorn, which may be the uncoolest of the signs. Other prominent Capricorns?

Richard Nixon

, for one. Need I say more?)

Want me to read your horoscope? Send any and all to

technicalforum@thestreet.com. Include your full name and sign. And remember, this week only, half-price for all Virgos.

Call for Indy TAs

We open this week with a request from a reader who'd like to get some other Indy technicians together.

I am an avid reader of your articles and I enjoy your insights. I too would be interested in starting a group of people to go out and talk stocks (in the Indianapolis area). I would appreciate any help

TSC

could give. I am sure that I am not the only one who thinks this might be a good idea, and not only in Indianapolis. Heck, I'd even be the administrator for a small fee. -- Robert Bond ( bond.robert@worldnet.att.net)

Level II, the Dark Side

In Saturday's column, I published a pro-Level II note. Today, the con side...

I find that Level II is interfering with my chart-based trading. If I had relied on charts with my C-Cube (CUBE) - Get Report trade, I would have gotten $3 to $4 on the upside instead of frightening myself out of it. If 30 people pay $5,000 each for a daytrading course and have access to all the bells and whistles and only one is still standing making a modest living a year later (true story); when you are in only a break-even mode this year, I think the message is clear: This is basically the wrong approach. First make a success with trading using charts and a standardized methodology. Then you might put aside a little in a separate account and give daytrading a go. But with charts you can have a day job, if you want, and a lot less stress. -- Brant Gaede

Time to Take Profits in ABSC?

I enjoy your column. What do you think about the recent ramping of Aurora Biosciences (ABSC) ? I've been long for years but would like to know if you think the recent increases appear to be sustainable from a technical point of view. -- Frank Adams

Things Didn't Come to a Head

Please take a look at the S&P 500 weekly. Do you think it looks like two weeks up from now to form a head, then going back down and up to form a perfect head and shoulders? What do you think? -- Rafael Cadosch

Mover and Shaker

Short-term and long-term analysis of SDL (SDLI) ? Looks like another highflier. -- Jeff Weiser

Aware Enough to Run

I need your advice on Aware (AWRE) - Get Report. I bought it at 60 in May, it sank to 38, and rebounded all the way to 61. Do you see it going higher or should I let it go while breaking even? -- Eddy Tio

Fall Into the Gap

Would you take a look at Visual Networks (VNWK) and Custom Tracks (CUST) ? I traded both recently and made good profits on both. Should I get back in either one at the low 40s? -- David Auyeung

No Upward Momentum Here

Marketing Services (MSGI) has been behaving poorly. Do you think it has some upward momentum? And where is the resistance? -- Bob Green

Time to Take a Bite Out of WFMI

Could you please take a look at Whole Foods Market (WFMI) and give me your take on near- and midterm price directions? I have been long two years now and wonder whether I should take profits soon or hold off for more appreciation. -- Mark Montpetit

Good News for THQI Diehards

I'm sure some people have emailed you about THQ (THQI) , so add me to the list of people who'd like to see the chart and your target. I entered it in your TF II contest, going long on any move past $24, but wasn't chosen. There is a big Internet message board following for this one and

TSC

has featured the company and its diehard investors in three or four stories. What do you think, $40? -- Marc Newman

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 was long Visual Networks, 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@ibm.net.