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Yesterday was another solid day for growth investors. The Nasdaq outperformed the SPX again, as money flowed out of the cyclical and commodity complex and into larger-cap growth stocks. This is a theme I believe has legs.

The market is higher again at the open. Energy stocks are getting a little bounce after the pounding they have taken. Biotechs are also getting a big bounce after DNA reported solid results.

Bond yields are drifting higher again, with the 10-year yield climbing to 4.71%. This is above the December highs, with the next area of high ground last October's highs near 4.85%. The Bank of England raised rates by 25 bps last night to 5.25%, citing wage inflation as a concern.

In other news and notes:

• Asian markets lower overnight
• WSJ reports EOP may be in play for higher bid
• THQI guides Q3 EPS above consensus
• INFY beats by 2 cents; stock higher
• MA profiled in IBD's New America
• CSCO claims AAPL infringed on iPhone trademark
• Stifel raises estimates for JSDA
• ENER is top pick of Jeffries for 2007
• EBAY buys StubHub for $310 million
• Goldman raises Q4 estimates for GOOG
• Punk Ziegel raises GS target to $242
• BEAV wins 9 orders for over $200 million
• COP reports weak reserve replacements

long AAPL, BEAV, GS, GOOG

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