This article originally appeared on RealMoney.com on Sept. 2, 2014 at 4:33 p.m. To read more content like this AND see inside Jim Cramer's multi-million dollar portfolio for FREE... Click Here NOW.
The dip buyers were a bit slow to go to work, but they showed up at midday and helped to deliver a pretty good close. The Nasdaq and Russell outperformed, while the DJIA and S&P lagged.
Breadth was positive, but not wildly so, but that was made up by some very strong action in a number of sticks like Tesla (TSLA) , TrueCar (TRUE) , Canadian Solar (CSIQ) , Baidu (BIDU) , Digital Ally (DGLY) and so on. There continues to be a high level of speculative action and that is helps to keep the underlying support strong.
The toughest thing about this market is that there quite a bit churning, but not many pullbacks to make entries easier. Those who are waiting for the inevitable pullback to occur just keep us running as they end up buying because they are tired of being left out.
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Volume did pick up today, which isn't surprising, but is a positive. We are still technically extended without much nearby support, but the buyers don't seem at all worried. It is very easy to worry about this market, but it helps to stay focused on individual stocks that are acting well rather than to contemplate big picture negatives. There is just too much positive action to be overly negative.