Tech Leads Bulls Charge

2:00pm (EST)

It’s 420 and the bulls are smoking…

The market has been on a blaze this morning after opening higher and holding its gains. Tech has been the clear winner today and is up nearly 2% while the Dow and S&P are showing 1% pops. All three indexes are trading at near-term resistance levels so it remains to be seen if the bulls have the energy to plow through them.

Better-than-expected earnings from a number of companies have fueled the rally but economic news has also helped. Housing numbers have been good this week and today’s existing home sales data for March came in at 5.10 million units, which was slightly higher than the 5 million units that had been expected.

One sector that is not participating in today’s rally are the Financial stocks. The sector has been in a hazy mood after trading higher at the open but has settled down and is fading. JPMorgan (JPM, $44.01, down $0.64), Goldman Sachs (GS, $151.84, down $0.02), and Bank of America (BAC, $12.27, down $0.07) are all in the red after showing some green at the open.

Oil is back over $110, up nearly $3 a barrel, but hasn’t slowed the bulls’ momentum. Gold is up $3 to 1,498 an ounce while Silver is at $44.63, up 71 cents.

As far as the market, the Dow is surging 167 points to 12,433 while the S&P 500 is higher by 16 points to 1,328. The Nasdaq is advancing 49 points to 2,793.

We will cover support and resistance in our morning update but as you can see, Tech is still having trouble at the 2,800 level, while 1,334 remains a trouble area for the S&P.

We have a lot more information to cover in our Members Area but keep an eye on TiVo (TIVO, $11.35, up $2.98). The stock is an official recommendation of our Weekly Wrap and we have been saying litigation news is due out anytime. Shares are up nearly 40% but they could continue to explode if the courts start siding with TiVo and its patent claims. We will be back in the morning with a full update.

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