Unfortunately, you can't chase here -- it just doesn't work. You'll end up getting terrible prices.
Either it comes in and you get in, or you take a pass because much of this buying is just spillover of program buying. You can always tell, because it moves stocks like 3M (MMM), Johnson & Johnson (JNJ), IBM (IBM), United Technologies (UTX) and Boeing (BA). They go up mindlessly, and if you chase, you will lose.
One of the reasons I write so much about picking the stocks of companies you like at your price is because of days like today. You have to buy when they are going lower, or else you pay up $3 for Home Depot (HD) hoping, I guess, that someone will pay up $5.
Maybe someone does -- this could be the big day.
Now, though, you have to say, you missed it. The chance to make the easy money was made when we got tepid growth with no inflation and that's calling the peak in interest rates, the top in the dollar and calm in the oil patch.
It's pretty much the bulls' dream and the bears' nightmare, and when the bears are done covering, you will find yourself asking, "Where did those buyers go?"
Again, today could be the exception -- but I hate buying for the exception.
I repeat: You are just taking out those who are short and shooting them. When you get 10-to-1 buying over selling, that's the programs, not individual buying.
It will run its course, and you just can't chase it.