RealMoney

The term "blow-off top" is used far too often by hopeful bears, but it is hard not to contemplate that idea given the action today in Facebook Inc. (FB) . Obviously, the company had a very solid report, but the stock already has run up about $17 this month before another $10 move today.

That is very powerful momentum, but what is interesting is that the broader market is quite lethargic. Breadth is negative, small-caps are in the red and there isn't much positive spillover from Facebook other than Amazon.com Inc. (AMZN) and a few other intranet names. (Facebook is part of Jim Cramer's Action Alerts PLUS charitable trust and Amazon is part of the Trifecta Stocks portfolio.)

The indices were already overbought and the frenzy in Facebook is really stretching the Nasdaq and Nasdaq 100, which have seen just one down day in about three weeks. That strength is not being confirmed by other elements of the market and is reason for some caution.

My market view is always a function of my ability to find stocks to buy. There just isn't too much I want to add right now. I'm seeing good action in recent picks such as Weibo Corp. (WB) , The Trade Desk Inc. (TTD) and PetIQ Inc. (PETQ) , but biotechnology is soft and I'm not getting money to work the way I like.

I purposely avoid calling market tops, but if I'm not buying much then I'm by default more cautious. That is where I'm right now. With Facebook and the Nasdaq downright frothy, we have to wonder about the limits of momentum.