What we have now is a Bull Rally within a secular bear for the SOX and Nasdaq. stockcharts.com/c-sc/sc?s=$SOX&p=D&yr=15&mn=0&dy=0&i=p75172494662&a=153015217&r=7384 stockcharts.com/c-sc/sc?s=$COMPQ&p=M&yr=15&mn=0&dy=0&i=p66479881415&a=128487398&r=9029 That does not mean there has not been money to be made. Eventually I expect that the SOX will reach new highs but first I think the S&P 500 returns to historical lows on its PE ratio. In the meantime I am not convinced that the SOX and market itself cannot continue higher for a while. http://en.wikipedia.org/wiki/Market_trend RtS