Let's Go Wireless

Gary B. joins the wireless revolution (perhaps); plus, a look at BEA Systems, Commtouch and Mustang.com.
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Hey, who says this old dog can't learn new tricks? In reading

JJC's

column the other day, I noticed he was using a wireless modem. And about the same time, I noticed an ad in

The New York Times

from a company called

Go America

. Billing themselves as "your wireless ISP," or

Internet Service Provider

, I couldn't help but be intrigued.

So I rang them up, and after a few questions designed not to elicit any information, but rather to give them the impression I wasn't a total moron, I ordered up whatever the heck they're selling. I think it's a wireless modem and some ISP software, but really, who knows? They're overnighting me the stuff, because, you know, I just couldn't wait, so I'll keep you posted.

Saturday, I started a

quick look at some indices, and tackled the

SPDRs

(SPY) - Get Report

, or

Standard & Poor's Depositary Receipts Trust

, and the

Nasdaq 100 Tracking Stock

, or

(QQQ) - Get Report

QQQ. Today, I'll have a look at the

Biotech HOLDRs Trust

(BBH) - Get Report

and the

Internet HOLDRs Trust

,

(HHH)

. Before I get to those, though, remember that you too can participate in our little lovefest. Anyone answering today's trivia question correctly goes right to the top of the heap:

"Only one team in this year's NCAA basketball tournament can boast of:

  • having the best darn technician in the country as an alumnus, and
  • being a shoo-in to win the whole darn March Madness thing.

What team might that be?" (Hint: it is most definitely NOT

Lamar

!)

Frightful or Delightful?

Gary: Is the 30-year bond index's chart joyous, or scary or what????

Guppy Going Crazy

Gary: Welcome back! I missed you! What charts do you look at when the S&P 500 futures move in a huge fashion, or the options markets go crazy? After the last couple of days, stock charts seem inadequate to explain the enormous types of moves going on. It seems like I'm a guppy and the waves are crashing, but I only know the whales were at war after the fact. Help! Bill Basse

Bill, per my

Wednesday column, I always use one "tell" to give me a feel for how the markets are doing: the number of long and/or short candidates I have. As an example, going into last Thursday, I had a huge amount of long

and

short candidates. That told me we had an extremely mixed market, and I could play both sides. As it turned out, I covered many of my shorts early Thursday for decent gains, and then my longs came back. Earlier in the week, however, I was seeing nothing but short candidates and played the market heavily to that side.

However, does my way of navigating the market tip me off to any one day's volatility? No, it rarely does. But, no matter, because if I'm on the right side of the equation, then I couldn't care less about how big the market rockets.

The bottom line? You will often hear "it's a stock picker's market." In my mind there's really no other way.

What's Over the Horizon?

Gary: I just entered BEA Systems (BEAS) at $111 today, and have a 6-12 month time horizon. Could you take a look at the chart and tell me your opinion? Ibrahim Tuluk

Investing in the Holy Land

Hello Gary: How about your view on an Israeli stock CommTouch Software (CTCH) ? Stuart Novoselsky

Hold on to Your Horses

Gary: Could you look at Mustang.com (MSTG) ? Mark Peebles

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.