It’s About Time

Tech stocks had their best day in two months on Tuesday, raising hopes that the market’s four-month correction has run its course.

eBay hit a new all-time high, and Yahoo hit its second straight 52-week high. (Don’t ask about Amazon.com , which would need to gain 40% to get back to its 52-week high set last October).

Ask Jeeves , Overstock , FindWhat.com , NetEase and Sina.com were among the names posting gains of 7% or more.

The broader market surged on falling oil prices and rising consumer confidence and home sales.

The Nasdaq soared 41 to 1964, the S&P 500 gained 17 to 1113, and the Dow surged 159 to 10,117. Volume rose to 1.55 billion shares on the NYSE, and 1.77 billion on the Nasdaq. Advancers led 28-5 on the NYSE, and 22-8 on the Nasdaq. Upside volume was 88% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 61-19 on the NYSE, and 53-48 on the Nasdaq.

After the close, CA and Portal Software missed estimates. Semtech , Applied Signal and Agile beat estimates, and TiVo warned.

During the day, Novell slid 8% on its results.

Blue Coat Systems jumped 6% on a new security product.

Schwab fell 3% on plans to cut trading commissions.

SBC lost ground after reaching a union agreement.

Cisco gained 3% on a new high-end router.

Jupitermedia , parent company of this Web site, jumped 11% on 10 times average volume after completing a secondary offering.

Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:

http://www.InternetStockReport.com.