We have "Don't short a dull market" action early on. It looks like too many folks were ready for weaker action but the dip-buyers have stepped up again, and that is creating a squeeze. It isn't wild buying, but Apple (AAPL) is leading the upside charge, and the recent initial public offerings are staying hot.
The bears' biggest problem is that sentiment is already sedate. Despite the recent IPO frenzy, buyers have not embraced this market as you'd expect when we had the sort of run we had in the first quarter. It seems like too many have been fighting the action. When they do get more comfortable that we may finally see more selling, it doesn't last for long.
The big challenge is trying to put idle cash to work. While we aren't breaking down, the pockets of strength are quite narrow. I like the IPO theme and EPAM Systems (EPAM), my stock of the week, in that group is doing well. Some of the China stocks are active, such as E-Commerce China Dangdang (DANG), and I'm watching Glu Mobile (GLUU) to see if it can gain traction. Smith & Wesson (SWHC), the gun manufacturer, has good early volume and I'm looking to add shares.
It's a mishmash of action, but the bears are finding themselves out of position again and that gives us a boost.
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