The Nasdaq is dramatically outperforming the rest of the major US equity indices today... In fact this this is the biggest Nasdaq outperformance of the S&P since May 2009... “We saw some weakness in the stocks of tech megacaps recently, not so much because of a concern about mediocre earnings but rather because a concern about valuations being stretched,” said Walter Todd, chief investment officer at Greenwood Capital Associates. “The numbers Google and Amazon reported may trigger a rotation back into tech megacaps and probably a further rally. ” Putting the massive gains in context... The Nasdaq 100 has added over $180 billion in market cap today - the biggest addition since the day after Aug 2015's Flash Crash... That is more market cap than 472 of the S&P 500. There are only 28 names with a larger total market cap in the S&P 500 than Tech names added today... Just five Tech stocks - FB, AMZN, MSFT, AAPL, and GOOGL - added a wopping $200 billion in market cap... FANG Stocks (FB, AMZN, NFLX, GOOGL) alone added over $120 billion... the biggest day ever.... And finally, as The FT reports, Amazon, Microsoft, and Alphabet alone added a stunning $144 billion - more than the entire market cap of IBM... As we noted earlier, AMZN is soaring 12.5% today, At its session high of $1,105, Amazon added about $63.5 billion to its market value, more than the market value of 421 of the S&P 500.