Tech stocks are boasting high multiples, Sony shares are trading at 44 times projected fiscal 2006 earnings and many others are exceeding the 21.8 average for all firms traded on the first section of the Tokyo Stock Exchange.

Trading at 12 times 2005 earnings, shares are reflecting a seemingly bearish view of Pfizer's growth prospects, in our opinion. With these low expectations built into the shares, we are encouraged that Pfizer's $4 billion cost restructuring will stabilize near-term earnings.

Earnings are a mixed bag, but it seem like tech stocks are starting to turn the corner.

The recent tech gains were supported by a wave of upward revisions to earnings forecasts. But for those shares to go further from here, investors need to know how they are going to perform next year.

I expect a high-tech rally in the next few days. The shares have been hammered too much and as the mainstay issues for foreign investors they will start to pick them up at these levels.

Tech stocks are trading at a 30-year-low when compared to the multiples of industrials (companies). It's the weirdest bubble when everyone hates everything.