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Jeremy Lin and the New York Knicks may very well go on to resurrect what seemed to be another lame season at Madison Square Garden early on, but I am sure even the most rabid of fans had become a bit tired of the wall-to-wall coverage that we saw over the past few weeks. So, while Jeremy Lin looks to be a rising star, “Linsanity” can quiet down a bit. Of course, in the Madison Square Garden/New York City area, lost in the mix of Linsanity and the New York Football Giants Super Bowl win is the fact that hockey’s New York Rangers are having a stellar season.

What does this have to do with anything? Well, the share price of MSG saw a technical breakout from well-defined resistance just as Linsanity was beginning, and the issue became whether or not to buy into such an apparently news-driven move. In a situation like this, I like to let the dust settle a bit. Usually, if the move is emotionally charged and unsustainable, you will see a quick collapse back below the breakout point within short order. What is impressive about the MSG move is the orderly pullback and subsequent strength on Thursday. Note how the breakout point was not in jeopardy.  In other words, Linsanity or not, this looks like a legitimate breakout and should be kept on watch.

I have also included a few other charts to keep on your watchlists for Friday.

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