The very dependable dip-buyers stepped up again this morning on minor weakness and are holding the markets steady. Breadth is solid at just under 2-to-1 positive. Oil, gold, coal and retail lead while drugs and banks lag.
This is the sort of environment where the only real argument against it is that it's going up too fast and, as we know, that doesn't matter -- until it does matter. We may be walking the high-wire, but trades are still working so we might as well take them.
Trades I've mentioned, such as Zynga (ZNGA) and Spirit Airlines (SAVE), are working well, but doubts about sustained momentum are pushing me to sell prematurely. I chased shares of the hot initial public offering for Greenway Medical (GWAY).
Also, I'm intrigued by Zoltek (ZOLT), a small company that produces carbon fiber. It's due to announce earnings, but an analyst note this morning mentioned the possibility of a supply deal with GE (GE). There is good-sized short interest, some insider buying and a great-looking chart. I prefer that it wasn't so thin, but the story is intriguing.