Although breadth is slightly negative and there's no major sector leadership, the indices refuse to rollover and the dip-buyers keep providing support. In fact, we are seeing signs of action that says, "If they can't take them down, we might as well buy them."
YELP's (YELP) debut is receiving plenty of attention, but it's not producing much sympathy action. Traders are hungry for themes to pursue but aren't having much luck creating any action.
I continue to follow a number of small-caps I've mentioned lately, such as Fusion-io (FIO), Zynga (ZNGA) and EPAM Systems (EPAM).
My stock of the week, Mitek Systems (MITK), looks interesting again on news that Wal-Mart (WMT) and Target (TGT) are developing mobile payment systems. I'm not sure if MITK is involved, but its niche is smartphone systems for bank deposits and bill payment.
It looks like the squeeze is back on, so I'm looking for buys but keeping it short term.
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