Technology has the strongest growth rates. These companies grow 20, 40, 50, 60 percent; the broad economy just doesn't grow that fast.

Technology is working and part of it is why the rest of the market is not working. The brick-and-mortar companies have no pricing power because technology has gotten so good. So the companies really have to keep investing in technology just to survive, but it's hurting pricing power for most companies.

Many of the leading technology companies have shown solid sales and earnings growth since the economy began to improve in late 2001. While technology earnings have continued to grow and the stocks have remained flat or even dropped, we believe the prices of many of these companies are more attractive than we have seen in a long time.

With the Fed raising rates, the more speculative tech stocks start to fade and the good-old favorites come back in style. I think investors are going after safer but still strong companies.

Technology and the Economy.

the transition of North Carolina's economy from textiles and tobacco to tourism and technology.