Playing Defense in a Fitful Market - TheStreet

Is anyone out there just a little sick of this market? I mean, seriously, we have not had one so-so day in quite a while. It's like we used to say at

IBM

(IBM) - Get Report

: There are no "plans," only

action

plans! This market? There are no "down" days, only

big

down days. Or

big

up days. A trend? Hah! That's something where the market goes in the same direction from 10 to 2.

It's gotten so bad, that I've moved from thinking I'll miss trading when I'm on my cruise, to welcoming the respite. And I'm having a pretty good year!

So, what to do? As usual, not a thing. Stick to what you know best. Play good defense. Keep your powder dry. This choppiness? Trust me, it'll pass.

But, until then -- and don't think I'm not counting the days! -- we have charts to scrutinize. So come one, come all, to the

technicalforum@thestreet.com. Special dispensation this week to all

Lehigh University

grads. Go Engineers!

Sharing Opinions on eShare

Gary, While I was eager last Friday to hear the result of your reading eShare Technologies' (ESHR) chart, its nose dive following Tuesday's earnings made me less enthusiastic. It may be a good thing you didn't review eShare today! Just wondering if you had a chance to take a look at it ... maybe you could give some insight on your opinion? Don Souhrada

The Biotech Bandwagon

Gary, In light of the biotech hoopla, what's your take on the two funds

TSC

featured: (JAGLX) - Get Report Janus Global Life Sciences and (FBIOX) - Get Report Fidelity Select Biotechnology? We don't see too much fund charting, even though you told us on

TSC

TV that *everything* is chartable. James Egelhof

Investigating the Incubator

Gary, Cramer was really hot on Internet Capital Group (ICGE) a couple of weeks ago. With lockup expirations and sector fluctuations, what do your charts show now? Judy Freeman

Saying Good Buy?

Gary, I have sent many emails, I read every article of yours and now I watch you every Sunday morning. I feel that I deserve a chart. Please look at Advanced Fibre Communications (AFCI) as I think it is a good buying opportunity. Thank you. Pat Cassidy

Pat,

At least you're being honest!

A Discount Stock

Gary, I noticed Wal-Mart (WMT) - Get Report is not doing so well lately (along with a few other retailers). Its earnings and growth don't seem all that bad. See a bottom yet for this company? Dave K.

Cashing In on Cyber-Care

Gary: I bought Cyber-Care (CYBR) - Get Report at 5 5/8 and again at 22 1/4. It closed last Friday at 36 1/4. What are your thoughts? Are there still buying opportunities after such a huge run-up, or should I be waiting for good point to get out? Kevin Grimes

Interest in Integral

Gary, What do your charts tell you about Integral Systems (ISYS) , a local Maryland firm with good fundamentals that's started to get some institutional interest? Volume surged a week ago, and it hit a new high, but failed to break out of consolidation and found support at a previous level. Do you see any hope for another breakout like the one last November? Hugh Pickens

A Concerned Catalog Reader

Gary, I'm sure you enjoy the deluge of catalogs from Intimate Brands (IBI) . But when I look at IBI of late, I get very concerned the catalogs will stop! Is this a good time to get in and help bolster its stock? David H.

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.