I don't disagree with you, except that those tech stocks that hold better during the end stage are probably better positioned than others, and these may indeed outperform. As an example in the Semi space, CYMI and CCMP might be a future star performers if their relative strength (to the sector) keep the current pace.
<Right now it looks like emerging markets may play a leadership role in the next bull>.
You have started me thinking there; by coincidence at the same time I have run accross the postings of Jay Chen over in SI land. He seems like a pretty impressive source re Communist China, which I assume would be number one on the emerging markets list:
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