Yes i have heard a few folks say that as the chippies goes so goes taiwan. Semis are a major deal in south korea as well. FYI, profunds semi index fund was down a whopping 7.51% today. gotta love when mutual funds move more than the members of the Q (due to the 1.5X factor). I was temped to grab a bit of that but opted for the ndx though one not likely to go up without the other. steve