This feels so much like 1999; it's like an orgy of moves to the upside.

I am not sure what is going on today with AsiaInfo Holdings (ASIA) but it appears at around 10:15 AM someone's HAL9000 got very interested in the name. Volume in the first 75 minutes is already 140% of the daily average. Stock up 10%.

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Gafisa (GFA) is on a tear the past 3 sessions, a computer went crazy first thing this morning as well here - just like ASIA we already have about 130% of a full day's volume in the first 75 minutes.

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This market is simply frightful for bears. I would call this action frothy but at this point it would be repetative.

p.s. Perfect World (PWRD) did a great job of shaking us out - it fell below support yesterday morning, triggered our stop loss and than turned 180 degrees. It is up 6%+ today alone, and surging. Can't win them all.