Consumer sentiment is dropping and with fiscal uncertainty (no matter we get a temp deal or not), should affect consumer semiconductor sector sales in the near future. Networking semi stocks might still do a little better like Altera and Xilinx. I expect the following stocks to underperform the market in january: ADI, TXN, LLTC, INTC, AMD, NVDA, ... If you want to short the ETF, you can do it by shorting SMH. My highest convitcion stock to short in this sector is ADI.