It began when IBM (IBM) reported a better-than-expected quarter, busting a lot of the gloom.

It continued when we had continued rallies in the Semiconductor HOLDRs (SMH) for no apparent reason.

It accelerated when Research In Motion (RIMM) and Apple (AAPL) exploded higher, the latter a real levitation in spite of the Jobs illness report.

Throughout this rally, I was dragged kicking and screaming because the only real growth area in this market is in smartphones, and we have seen the Apple/RIMM rally go about as far as it can go, given the RIMM softness.

It went still higher after the great Amazon (AMZN) report and the Google (GOOG) ramp up 20%. The final coup de grace to the bears was when Cisco (CSCO) reported an OK number and then said the growth would be down 10% to 15% ... and the Nazz went up anyway.

Amazon is valuation-stretched. Google? I can't pay it up here; if you can, good luck, but a simple question must be asked: Can you justify a 20% increase in the face of a much worse ad market than last quarter? I can't. I want to say right here, emphatically -- take profits.

Amazon is valuation-stretched. Google? I can't pay it up here; if you can, good luck, but a simple question must be asked: Can you justify a 20% increase in the face of a much worse ad market than last quarter? I can't. I want to say right here, emphatically -- take profits.

It went still higher after the great Amazon (AMZN) report and the Google (GOOG) ramp up 20%. The final coup de grace to the bears was when Cisco (CSCO) reported an OK number and then said the growth would be down 10% to 15% ... and the Nazz went up anyway.