March 6, 2000

Still oversold. That's right, despite the rise we've seen in the past week, both the

Nasdaq

and

NYSE

are not yet overbought. Neither market will reach an overbought reading until the end of this week. As usual, we may see some digestion, but on the whole the oscillator says we should continue to see an upward tilt in the market for at least the next week.

And even the

Nasdaq Unweighted Average

managed to straighten itself out and get back on the upside track during last week's rally. We certainly can't complain about that anymore.

As for Nasdaq 5000, if we can get there, and will we get there, I say the same thing I said about Dow 10,000: Who cares? It's just a number and we would do best not to focus on it; leave that to the folks at

CNBC

, who must be planning one of their famous parties for sure.

As for technology stocks that still have the kind of charts I like,

Yahoo!

(YHOO)

and

Sun Microsystems

(SUNW) - Get Report

are still on my list. I'd also point out that

Red Hat

(RHAT)

flew past my 60 target to 55, but managed to stay down there for only a few minutes; a rally back near resistance just under 90 now seems likely.

Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she 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. She appreciates your feedback at

KPMHSM@aol.com.