Large cap technology is where the action is currently. Along with it recent earnings plays like ISRG, MICC, RIMM, GOOG, etc. have been leading the market higher. The leadership is narrower. The stocks up 100% plus is hovering around 400. This number has peaked over a year ago when there were over 1400 stocks up 100% plus. Since then all rallies have struggled to break 500 mark.
The large cap earnings will be out of picture by middle of next week and then smaller companies earnings will dominate. In current environment large cap companies with growth and earnings acceleration are getting handsomely rewarded. Which is a good environment for IBD style earnings and price momentum plays.
Choppy action , lead by narrower set of stocks is vulnerable to failure, but as long as it works, traders will trade it.