NASDAQ GAINS 3% TO LEAD RALLY - ROTATION FROM ENERGY A GOOD SIGN -- CITRIX AND CISCO ARE NASDAQ LEADERS

NASDAQ GAINS 3%... Earlier today, I wrote about the Nasdaq market bouncing from important chart support near 1900 and spearheading a market upturn. In today's trading, the Nasdaq market gained more than 3% to lead the Dow and the S&P 500 into impressive gains of their own. But there's more. While technology was the day's best gainer, energy was the day's only loser. I've also pointed out how that was a good combination for stocks. The rotation out of energy and into technology could be seen in the best and worst performers in the S&P 500.

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NSM AND TERADYNE LEAD S&P 500 HIGHER... We showed these two technology (and chip) leaders earlier today. They were the two top percentage gainers in the S&P 500. Both rose on good volume. NSM closed at a three-month high, while TER bounced impressively off its 200-day average. That was where most of the money was going. Two of the worst performers were in the energy sector.

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OIL STOCKS FALL... Two of the worst S&P performers today were in the oil patch. Marathon Oil tumbled l.50 on very heavy volume and undercut its February low. ConocoPhillips had a bad chart day as well. Falling oil stocks are a plus for the stock market. Crude oil prices fell again today.

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CITRIX AND CISCO ARE NASDAQ LEADERS... We showed these two Nasdaq leaders earlier today. Both closed higher on rising volume. Citrix Systems closed at a two-month high and exceeded its 200-day moving average. Cisco bounced off its 200-day line and is starting to rise on volume as well. Intel also rose on volume today, but remains below its 200-day line. It's no surprise to see this week's market upturn being led by technology. Since that's where the downside correction started, it makes sense for any market upturn to begin in the technology sector.

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