The fear of missing out outweighs all the chatter about market tops this morning. A strong report form LinkedIn (LNKD) and a continuation of the Apple (AAPL) bounce helped the mood. Breadth is quite strong with 3200 gainers to 1575 decliners. Chips, biotechnology and financials lead while gold and solar energy lag.
So far, there have been no pullbacks as underinvested bulls scramble to put cash to work and bears are squeezed. LNKD has gone straight up as the chasers won't let it come in at all. They saw what happened to NFLX on its big report and anticipate similar action in LNKD.
I sold a little AAPL but I am looking for a remount. I think it is forming a bottom now and, while it is likely to be choppy, it should do a better job of finding support on pullbacks.
I added to Cyrusone (CONE), a thin recent IPO that I mentioned last week, which should have initial coverage soon. I like the way that chart is developing, though I'd like to see better volume. Several names I've mentioned lately, like PBF Energy (PBF) and CVR Refining (CVRR), are really becoming extended but that seems to be the nature of the action lately. You have to ride those and not worry about that old-fashioned idea that a stock might be "overbought."
We'll see what happens if there's a dip, but this is setting up as a trend day to the upside. Many anticipate that volume will slow later as a snow storm hits the East Coast, but I have little confidence that the bears can take advantage.
