Tech Keeps Pulling the Market Uphill

This Nasdaq horse is willing to pull anything, and it is being led by the incredible sameness of being. Apple (AAPL - commentary - Trade Now) is going to rally until June 9, in my humble opinion. Research In Motion (RIMM - commentary - Trade Now) may be in a crowded field, but people keep thinking, look how well that horse did in bad times, can you imagine how well it can do in good times?

I am a big believer that Qualcomm (QCOM - commentary - Trade Now) will have to preannounce its quarter, business is that strong. Google (GOOG - commentary - Trade Now)? Here's a company that I think is seeing a second wind in ads as spending for the Web increases more than anyone seems to really understand.

Plus there is excitement brewing among the companies again because of retail interest post the new valuation of Facebook. I know, absurd, but I am sure people are figuring that more ads are going the Web's way, or the Russians would not have paid up for Facebook.

Cisco (CSCO - commentary - Trade Now) seems to be a comeback player, as maybe it is dawning on people that the quarter wasn't quite as toxic as people think.

Meanwhile, the Microsofts (MSFT - commentary - Trade Now) and Intels (INTC - commentary - Trade Now) and Oracles (ORCL - commentary - Trade Now) keep trickling up by 23 cents or 27 cents, and they create a nice hue. It helps that Intel is saying today that it sees a significant new level of demand in Europe.

The group is subject to change on a mutual fund manager's whim, but right now the money keeps coming in for tech managers, and you are seeing the results on your screen.

At the time of publication, Cramer was long CSCO and QCOM.

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