Robin, the Teen Wonder and the Elongated Man are the star performers at a charity fund raising event, for retired circus performers. Outside the Big Top, reporter Clark Kent covers the event for WGBS News. Kent's broadcast is disrupted by a trio of men in golden costumes, who pass through the canvas of the tent like ghosts. Upon entering the big top, the Intangibles create havoc by releasing the circus animals from their cages. Robin, the Teen Wonder, douses an escaped tiger with anesthetic gas. The Elongated Man stretches himself out into a barrier, in front of a rampaging elephant, and steels himself for the impact. Superman, however, intervenes, first stopping the elephant, then carrying it back to it's pen. Superman closes on one of the Intangibles, scanning him with his x-ray vision. Superman attempts to grab the Intangible, but his hands pass right through the man. The Elongated Man gets the same results from trying to trip one of the Intangibles. Superman scans the Intangible with both his microscopic and telescopic vision, before blasting him with his heat vision. In a remote location, another Intangible monitors and collects Superman's super-vision powers. Having gathered all he needs, the Intangible presses a button, and the three Intangibles in the Big Top vanish. Superman, the Elongated Man and Robin, the Teen Wonder go over the details of the case, determining that the Intangibles were, in fact, merely holograms. The real Intangibles are holed up in an abandoned production studio in California. Using the harnessed energies collected from Superman's vision powers, the Intangibles give themselves the ability to truly become intangible.
Their use of special effects technology, coupled with their bid for publicity at the circus, leads the Elongated Man and Robin, the Teen Wonder to determine that the Intangibles are in show business. Superman flies the Elongated Man and Robin, the Teen Wonder out to Hollywood to continue the investigation. Meanwhile, the Intangibles have begun a string of high profile thefts in the city. First stealing the only existing print of "Astro Wars III" right from the director's hands, then taking Judy Garland's ruby slippers, worn in the Wizard of Oz, from an auction. Superman scans several movie production studios for the unique radiation signature left by the Intangibles, locating them at Astro Films. The three heroes crash through the studio wall, taking the Intangibles by surprise. Superman is shot with a weapon fueled by his own vision powers, distorting his eyesight, particularly his depth perception. Superman stumbles about like a bull in a china shop. Crashing through another wall, Superman takes to the sky. Wearing special gloves and boots, the Intangibles are able to punch and kick the Elongated Man and Robin, the Teen Wonder, while remaining intangible. Despite his vision problems, Superman is able to repair the wing of a damaged jetliner, literally accomplishing his task with his eyes closed. Superman flies into the sun, allowing the solar radiation to wash over his eyes, clearing them. Robin, the Teen Wonder lassoes the gloves off of one of the Intangibles, leaving the man without the ability to affect the physical world. The Elongated Man steals the boots off another of the Intangibles. That man plunges into the ground, only stopping himself from completely going under with his gloved hands. Superman returns. Putting on the Intangibles' gloves, Superman deactivates the Intagibles' leader's belt controls. Fearing the Man of Steel is about to beat him, the man feints.
- The auction house was named Northby's a pun on Sotheby's.