The Dow Jones Industrial Average breaking through the 13,000 barrier for the first time since May 2008 certainly made for big financial market headlines. But there may be an even more significant event on the horizon, the Nasdaq hitting the 3,000 mark.

The Nasdaq, of course, is technology-laden, and it’s technology stocks like Apple that have been leading the stock market’s charge higher. The last time the Nasdaq saw the psychologically significant 3,000 level was in December 2001. At that time, the Nasdaq was dropping through the 3,000 level as the technology industry struggled with the designs of handheld devices, the very thing that is now driving the sector higher.

The Nasdaq powering higher on the back of tech stocks is just what analysts like Ryan Detrick, senior analyst at Schaeffer’s Investment Research, want to see. “We want to see leadership from the more aggressive areas, especially technology,” he said. Dave Rovelli, managing director of trading at Canaccord Genuity, agrees with Mr. Detrick, “To see the Nasdaq going to 3,000 on real earnings is a lot bigger deal [than Dow 13,000].”

The only question which remains for investors is not whether the earnings Mr. Rovelli has been talking about are real, but whether they can be maintained in the coming quarters. Stock market bears keep talking about peak earnings and how the fast pace of earnings growth will not be maintained. Obviously, the bulls think earnings growth will be maintained, especially in technology, and they control the battlefield right now.

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