Results have been very good so far but it seems that things started to change on a dime. COOP is goigh up and GDP slow growth is not helping either. R&D cost is another factor is damping the profit. I see the tech and semi sector drop 5-7 on average % in the next 5 weeks.
The best strategy would be to buy SPY and short SMH in ratio. That means Nx {long $1000 SPY + short $1000 SMH}
With all due respect, I believe technology is the least likely sector to correct right now. Earnings were massive almost across the board, suggesting markets are expanding. P/E levels remain very low for large caps in this space. Leaders like IBM and Intel have very good technicals right now. I am almost certain technology will outperform the broader market this summer ( in any direction ).