Major U.S. tech companies produced another stunning set of earnings and thrown in large buybacks for good measure. Does that make it almost inevitable the Nasdaq will continue to higher and higher milestones and reach 20,000?

The giants of the tech world continue to surprise analysts with their ability to sell more products, which provides a shield against traders that would consider shorting the stocks. That could mean a reversal in the rotation themes that have favored value stocks over growth.

There could also be a spillover toward currencies and credit markets linked to the biggest tech companies outside the U.S., such as China, Korea and Taiwan. Even the threat of higher taxes on big tech may have a limited impact when there appears to be a near insatiable appetite for the latest gadgets. Tech stocks may be set to extend their reign as the closest thing to a one-way bet equities can offer.