NEW YORK (TheStreet) -- Positive momentum returned to the markets midday Tuesday as the major indices edged higher and the beaten down Nasdaq climbed nearly a percent. But many investors on StockTwits.com eyed the action from the sidelines. They worried that the rebound in high growth names wouldn't last and that the markets were due for a greater correction. Sentiment on the exchange traded funds that track the S&P 500 (SPY) and Nasdaq (QQQ) remained majority negative.
The biggest beneficiaries of the market gains were battered high growth technology stocks such as Yelp (YELP), LinkedIn (LNKD), and FireEye (FEYE). All three climbed about five percent or more by noon, though Yelp lost some of those gains by 1 p.m. Each had lost more than 20% in the past month as investors shed high multiple, high-risk names for the relative safety of established, large cap companies.
The March selloff took many by surprise. Underlying US economic data had long been lackluster and little in March seemed bad enough to warrant the sudden flight to safety. March unemployment remained at 6.7%. The economy added 192,000 jobs, just shy of consensus estimates.