Once again, this market showed why intraday weakness shouldn't be trusted. As soon as we breached Tuesday's low, the dip-buyers jumped in and had us back into positive territory by the close.

Strong action in AAPL, GOOG and other big-cap momentum names helped to fuel the bounce, but it was a broad-based recovery and with solid breadth by the finish.

Like yesterday, the bounce had the feel of being driven in large part by algorithmic trading that took advantage of the many market players who are overanxious for a pullback. The inclination is to press the short side when we finally breach an important intraday level, but those bears are immediately squeezed and that helps propel the very fast bounces.

It is the close that counts, and this was another good one. If you really want to play the dark side, wait for a weak finish and some sort of news catalyst to trigger exits.

What we have is a market that the technicians claim is obviously extended but keeps running because dip-buying is working so well. The market loves to stick with a pattern that works until it is obviously broken, and this pattern still works just fine.