Tech Rules, but Its Kingdom Is a Very Strange Place

SAN FRANCISCO -- Today had something for everyone, except those looking for a clear indication of the market's near-term direction. Welcome to 2000.

As I (among others) predicted, technology stocks held sway today in the wake of positive earnings posted last night. Notable gainers included IBM (IBM Quote) and Apple (AAPL Quote) (among others), although Advanced Micro Devices (AMD Quote) failed to capitalize on its breaking-the-chains-of-rationality upside surprise. But while the Nasdaq Composite gained 38 to a second-straight all-time high, blue-chips slumped again, with the Dow Jones Industrial Average falling 138.

Whether it was a good day or a bad day depends, of course, on your perspective (and holdings). Either way, many players are not feeling terribly "comfortable" about the state of the market. Despite records by the Comp and Russell 2000 (more on that in a minute), market breadth soured like so much milk in the Mojave. ...