The market continues to see very good buying support and that is squeezing the bears, who have been anticipating a rest. There is very little macro news flow, but the anticipation of central bank action is all that is needed to keep trending upward. Even if you think that further quantitative easing is useless, you have to expect a very strong positive response when it is finally announced.
It was interesting this morning to hear CNBC call this rally "unloved." I can't remember the last time there was real excitement over a rally. Over the last few years, virtually every big move has been greeted with disdain and disbelief. I suspect that is a big reason that we consistently see V-shaped moves where the market walks straight up without any pauses or pullbacks.
We have that classic V-shaped action again and the best course of action is to catch a ride if you can. You have to be willing to chase in this environment, which is another reason that these rallies are so disliked by many market players looking to buy low, rather than play momentum.
Some of the stocks I'm in today include Amarin (AMRN), Tangoe (TNGO), Cambrex (CBM), Express Scripts (ESRX) and Apple (AAPL). I continue to watch Direxion Daily Gold Miners Bull 3X Shares (NUGT) closely as gold miners improve.