The tech stocks have been beaten up quite badly and I think a lot of investors have seen, after getting beaten up, they come back strongly. So, I think, from a timing perspective, that could also be happening.

You really have a two-tier market with tech stocks going down and everything else going up. Part of this is because valuations in technology stocks got overdone this year and, at the same time, the Dow hadn't performed and now they look cheap.

That has a lot of implications for tech stocks, ... Maybe we've seen the highs and lows of the year.

Investors are searching for sectors or groups that have not participated in the recent rally. Tech stocks have certainly been left behind by things like energy.

With tech stocks, you know, you have to look out over the long term. These are stocks that vacillate between exuberance and panic. It's going to happen, and so today maybe we are more on the panic side. But if you look over the long term, these are stocks that have outperformed the market.

The big tech stocks are still where you have to be but I don't want to go overweight tech,