Cisco just reported, and simply by not blowing up and keeping the bar steady, the stock has legs. It should remain that way into the fall, particularly because Cisco made it clear that financial enterprise spending is coming back. That in itself is kind of stupefying, but you suspend your critical faculties when it comes to tech going into the fall.

Dell's intimated that things are quite good and getting better, and HPQ has the upcoming freebie integration of EDS that makes for great cost savings. I tend to believe the bull case after looking at Lenovo's great quarter.

Cisco (CSCO), Dell (DELL), Hewlett-Packard (HPQ), Microsoft (MSFT) and Intel (INTC). These stocks all have somewhat compelling stories, and I agree with the buying.

Microsoft has put Yahoo! (YHOO) behind it and is buying stock back like the old days, making people feel darned good about it.

Cisco (CSCO), Dell (DELL), Hewlett-Packard (HPQ), Microsoft (MSFT) and Intel (INTC). These stocks all have somewhat compelling stories, and I agree with the buying.

Intel, Dell and Hewlett-Packard are all of a piece. Intel's winning the war against a pathetic AMD (AMD), which is falling off a cliff; INTC is the quintessential August stock going into the back-to-school and holiday seasons. Of course, if you buy it up here you are going to have to endure hedge fund rumors that motherboard orders in Southeast Asia are disappointing -- that's something that's also as regular as a red salmon run.

Of course, there are other stories that actually have catalysts: Research In Motion (RIMM) on new products.

and Qualcomm (QCOM) on more patent settlements, to pick two strong ones. The weakness in QCOM off of ne'er-do-well Anadigics (ANAD) is really compelling -- much more upside there.