The last internet bubble was marked by the AOL/Time Warner merger. Here’s what we have going on today:

1. The Facebook/Microsoft chatter is now deafening.

2. Amazon is back at all-time highs and has an iTunes killer? :)

3. RIMM goes up 5 percent a day, so does Apple and Baidu.

Most important, the laggard internet juggernauts are up 15 percent the last few weeks – Ebay and Yahoo. These are the media and blog world whipping boys.

As my friend Phil twittered today- Something is building.

My thoughts are that the deals and rises are too easy and too loose. Too much back patting and knuckle fives.

I will continue to diversify and add breakouts because the tone is great and the fed is easing and the US government is spending like the good christian drunk sailors they are. I am listening to the tape and although I feel that a huge high beta drawdown is at hand, the tape says we are o.k.

Maybe this time a gigantic tech/internet merger is just the beginning. Stranger things have happened.

PS…next to me :) , if you like the market and are not following Phil on twitter , you are a putz.

I am more convinced than ever, that stock ‘twits’ is a major opportunity .