A Follow-the-Leader Market

 | Jun 05, 2014 | 2:26 PM EDT
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So who made Twitter (TWTR) the be-all and end-all of this market? Who anointed Amazon.com (AMZN) as the lead lemming? Why does JD.com (JD) matter so much?

There, I wrote it. When the market looked bleak earlier in the morning, these stocks had already gone into the green, the first ones, the leaders in this round of highflying soldiers. Amazon has got a new phone. Twitter caught an upgrade, and the lock-up detritus seems over. JD? Mind of its own.

But it doesn't take much for the algo buyers to step in and automatically take Workday (WDAY), FireEye (FEYE), Concur Technologies (CNQR), ServiceNow (NOW), Tableau Software (DATA), GrubHub (GRUB), Tesla Motors (TSLA) and all of the others in the high-multiple game.

Of course, those don't explain everything. Boeing (BA) keeps announcing more orders, and its stock and the other stocks in the sector, notably Honeywell (HON) and United Technologies UTX, are following suit.

Caterpillar (CAT) is the leader because of not one but two analogues: Joy Global (JOY) on the mining and earth-moving side, and United Rentals (URI) on the construction side are roaring, the first on a better-than-expected earnings report and the second on an analyst upgrade.

Put simply, it's a real good tape, urged on by, this time, positive comments by hedge fund master Dave Tepper and a European central banker who will stop at nothing to get his continent's businesses and banks moving again. 

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