Today is the 1-year anniversary of the market bottom, when the S&P 500 touched 666 in what some are calling a 'generational low'. Today the S&P stands some 70% above those levels, thought still well off its previous highs. The S&P would have to rally another 35% to get back to its previous highs.

Tech is again outperforming so far, after Texas Instruments (TXN) raised its growth expectations in its conference call last night, and Cisco (CSCO) said it will be announcing a major technological advancement.