AOL, eBay, Mindspring all beat the Street's expectations with a few of the toppers finding their way to the pole position of ISDEX performers. As a group the 50-stock bellwether ends up 9% since April 21.

However, under the surface the number of new issues clamoring to get out the IPO gate may dilute the market soon if the unchecked ".com" IPO-spamming continues. Apparently the correction just over a week ago wasn't enough reality check for spec hunters.

That means I can see a possible 10% to 15% correction looming if the less than quality deals go public.

What the no-branders, no marketshare stocks going public do is water down the existing market at first and then could cause a flight to quality, sending the better established stocks up again.

That mini-pattern played out the past two weeks. I suspect we may see it again soon.

Of the leaders here note the ascendency of the security software sector, Security Dynamics (NASDAQ:SDTI), Network Associates (NASDAQ:NETA), CheckPoint Software (NASDAQ:CHKP) and Axent (NASDAQ:AXNT).

But the group still traded down from where they began the year, one of the few Internet sectors that hasn't had the runs seen in most other areas. Tally ho: