Only Thing We Have to Fear Is Being Left Out

Put on your purple suit and crank up the Little Red Corvette because we are partying like its 1999. The buyers just keep on coming and the fear of being left out is the only fear in this market.

Despite a very impressive rebound in the major indices, the action under the surface is a bit mixed. Breadth has been negative all day, and small-caps are lagging once again.

IBM (IBM) and Texas Instruments (TXN) are largely responsible for much of the point move in the cap-weighted indices, but outside of them and the semiconductors, the action isn't nearly as frothy.

Interestingly, recent leaders such as steels, oils, gold and mining are lagging while technology stocks move into the leadership role. But even within that group, some of the stocks you'd expect to be strong, such as Google (GOOG), aren't doing much.

It's a good market if you are in the right stuff. Unfortunately, it is not hard at all to be positioned incorrectly. The best advice for the moment is to respect this strength and don't try too hard to fight it.

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James "Rev Shark" De Porre is the founder and CEO of Shark Asset Management, an SEC-registered investment advisory firm. He also operates sharkinvesting.com, an interactive online community that serves and educates active investors. De Porre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former tax attorney and CPA. He lives in Anna Maria Island, Fla., with his wife and two children.Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Rev Shark appreciates your feedback; click here to send him an email.