 Hi, I'm JC Peretz with AllStarCharts.com and we provide technical analysis research for investors all over the world from the biggest banks and hedge funds down to individual investors trading their own portfolios. You can find me at AllStarCharts.com. To me, everything's technology. You know, obviously when you look at the technology sector in the United States of America, you're seeing tremendous outperformance. These are some of the biggest companies in the world, Microsoft, Apple. But then when you look at other sectors, it's funny because the technology can be seen in other areas. For example, healthcare. Healthcare has a lot of different sub-industries like pharmaceuticals, like managed health, big biotechnology. These are all within the healthcare space. But then you also have medical equipment stocks. And medical equipment stocks are under the healthcare umbrella, but let's be serious. They're tech stocks, right? And when you look at the charts, they look like tech stocks. Google and Facebook, they're not in the technology sector either. They're in the communications index, which is why that index has done so well. So they've really been the drivers for a long time to the point where the U.S. index creators have had to create new indexes to take companies like Google and Facebook and take them out of technology and put them into a new space. So we've just really seen tremendous outperformance out of that space, not just in the U.S., but around the world. For me, it's technology on a relative basis. You know, people, we look back to the 2,000 highs in tech before the bubble burst. And when you compare technology to the S&P 500, we are nowhere near those highs. So when you talk about how we've gone too far, too fast, and you know, we're at record levels in technology, maybe in nominal terms. But on a relative basis, when you compare it to the rest of the market, we're maybe halfway to where we were back in 2000. So if you're asking what could be that driver, what could be that leader to take the Dow up to 40,000 or the S&P to 4,000, I think tech is where we want to look. I think it's really a function of the way the markets work and momentum, right? The most bullish thing a stock can do is go up, right? So all of these momentum managers and things of that nature, they're going into the stocks that are moving because, think about it, if you're a trader at a hedge fund and you're buying a stock and it's not moving, it's not going anywhere or it's not keeping up with its competitors, you're going to get a tap on the shoulder and you're going to get called into the principal's office and they're going to ask you, why are we paying you so much money and you're buying the stocks that aren't showing any momentum, right? That's not going to fly. So they're looking for stocks showing momentum and stock showing relative strength and technology has had both of those. The overweight nature of the way these portfolio managers are allocating assets has been in technology and we just don't see that changing. So when the stock market falls, technology will come with it but it will be one of the first ones to recover. That's been the trend that we've seen and that hasn't changed yet. You know, obviously we continue to monitor the data but when you really, as I say, whenever in doubt, zoom out when you look at technology and compare it to those former highs in 2000, the fact that we are nowhere near those levels, I think has to be constructive, bigger picture, the fact that we still have so much room to go. I think what you really want to look for is look for stocks showing overbought readings. We use a 14-period relative strength index on RSI so whether you're looking at a daily chart or a weekly chart but particularly a weekly chart in this conversation, we want to see overbought readings above 70 in RSI. We do not want to see those oversold readings, right? So if you're seeing oversold readings and you're seeing readings below 30 in RSI for tech stocks on a weekly basis, that is the underperformer. That is the area that we want to stay away from. I think our best bet moving forward is to be owning and buying the stocks and holding onto the ones that are not showing oversold readings that are actually holding above and showing that relative strength. I think we have to just recognize the sheer colossal size of the companies. These are the biggest companies in the world and you're just not going to see that in the materials sector where these are like little irrelevant companies with respect to its weighting in the S&P 500, right? These are, you know, they're big, we hear a billion here, a billion there, that's a lot of money but when you compare it to these trillion-dollar companies, you know, these companies can go to zero tomorrow and it will have no impact on the S&P 500. So I think if you're investing in tech, I think it's important to understand just how big these stocks are and that could provide a ton of liquidity. It's easy to get in and out of them because there's so much money coming in and out of them. So if you're an institution, obviously this is one of the areas that you have to participate in because you're too big to be in some of these material stocks. So I think just the sheer size of the market capitalization is something that cannot be ignored. The tech ETFs are really important because we use them as a trading vehicle, right, to express a given thesis but then of course we also use it for information. So you can look at the SMH, which is the semiconductor's ETF, make sure that you're looking and making sure how it's weighted because there's some big components in there for sure. So that's SMH. There's the XLK, which is the technology ETF, right, where Microsoft and Apple represent approximately 40% of that entire index, two big components. And then you want to look at things like, I look at the Dow Jones Internet Index, ticker symbol FDN, which I like it as sort of a derivative of tech because it includes the other internet stocks that are not in the XLK. So I think those are three, you know, when I hear tech ETF, those are really the ones that come to mind for sure. If you like a more diversified approach to technology, these ETFs serve as a great vehicle. No question.