If you would understand anything, observe its beginning and development. - Aristotle

It's very true that what ultimately may become historically gigantic starts with an action that may appear insignificant or unrelated.

When George Washington decided that two terms were enough, and thus the concept of "limited presidency," he abandoned the European monarchy tradition.

When Archduke Ferdinand heir to the Austria-Hungary throne was assassinated, it became the catalyst for World War I.

The tipping point for the Great Depression was the Stock Market Crash of October 1929.

The United States was brought into World War II with the bombing of Pearl Harbor on December 7th, 1941.

The civil rights movement was liberated by the Brown versus the Board of Education decision in 1954, and catalyzed by Rosa Parks refusing to give up her seat to a white passenger on December 1, 1955, and then memorialized by Martin Luther Kings "I have a dream speech" in Washington D.C. in 1963.

TEAM USA winning the 1980 Olympics against the Russians and against all odds helped pull a nation out of its funk.

Mia Hamm scoring two goals against China to help the USA win the Gold Medal in the 1996 Olympics catalyzed a generation of young girls into being athletes and soccer players.

Ronald Reagan gave a monumental speech at the Berlin Wall in 1987 which he proclaimed "Mr. Gorbachev, tear down this Wall!" that really marked the beginning of the end of communism and the Cold War, and the beginning of a global capitalism boom that transformed EVERYTHING.

Last week, I believe several things happened which were significant, maybe not of the proportions of starting or ending a war but for something I'm directly involved in - which is the Market.

First, Google's (NASDAQ: GOOG, $539.41) earnings announcement Thursday after the close was a shot heard around the world, crushing its estimates and its critics. For the quarter, revenues grew 42% and EPS was $4.84 up 32% and $0.32 better than estimates.

Analyst had feared that Google had hit the wall with stalled U.S. "paid click-through." The significance of these results along with Intel (NASDAQ: INTC, $22.55), Research in Motion (NASDAQ: RIMM, $123.22), IBM (NYSE: IBM, $124.40), Coca-Cola (NYSE: KO, $60.11) and others showing strong first quarter performance is that maybe the new adage "As how Bear Stearns goes so goes America" isn't quite right. In fact, outside the financial services sector, things feel and look pretty good.

While earnings growth for the S&P 500 is expected to show negative 12% growth for the quarter, the growth sectors of the economy show a different story. Thus far with 99 of 500 companies reporting, 63% have BEAT estimates and 24% have missed.

More interestingly, by looking at the current estimates for the 300 companies that make-up the ThinkGrowth Index, EPS estimates for the first quarter show growth expectations of 24.1%. The Consumer Sector (beaten down by $117 oil prices and ugly headlines) is still expected to have 11% growth and all other growth sectors in the index are projected to be above 20% growth for the quarter. Funny, if you were to just listen to the media and financial pundits, you would believe that everybody is doing horribly.

The strong earnings from a number of key companies coupled with some signs that the credit problems are starting to ease helped rocket stocks last week led by a 4.9% gain for the NASDAQ followed by the S&P 500 advancing 4.3%. Most importantly for growth investors, the fastest growing companies led the march, which is what we need to see to believe that we are in a healthy market.

The second key event that happened last week was the capitulation by Wall Street firms in firing their people - 9,000 at Citigroup (NYSE: C, $25.11), 4,000 at Merrill Lynch (NYSE: MER, $47.35) and an expected 100,000 in total across the Street. As anybody who appreciates the moral of the story of "where are the customer's yachts?," Wall Street is very good at making fees and very bad at market timing and making clients money. Thus, I believe this effectively marks the start date of the new bull market led by tech and growth.