Over the very near term, because of the shaky economic data, the entire tech sector is still in a tug-of-war.

The near term gyrations in the dollar are more keyed in to the TICS data, and the revised view that Fed is not likely to be as aggressive as the market thought.

We would characterize today's rally in the tech sector as an oversold bounce.

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.

Next week we have a raft of earnings in the tech sector, with STM, Philips and Nokia. We have got to see evidence that if the bad news is not turning into good news, then at least the bad news is slowing,

but that would require a near-term lucky find.