Looking on a very myopic viewpoint, with the sample of 2021 very small so far, technology is lagging somewhat as the XLK is down on the year, albeit fractionally by .3% (energy, materials and financials are by far the top 3, with the XLE up 11%, and the XLB and XLF each up better than 5%). The Nasdaq, S&P 500 and the Dow are each up better than 1% this year, and the Nasdaq did bounce, ever so slightly, but precisely off the very round 13000 number. A big bulk of technology strength emanates from the semiconductors, which rose 1.5%, solid relative strength as the Nasdaq fell 1.2%. Leaders that added more than 3% Monday included stocks like CREE MTSI and TSM. The latter name looks somewhat vulnerable here as it deals with a bearish engulfing candle from last Friday, at all time highs, which came in the largest daily volume in the last 4 months. AMBA rose more than 6% today, and was last profiled in our 12/18 Technology Note. All the names mentioned in this paragraph need to cool off, and perhaps that would be a well needed rest at their respective 50 day SMAs as PRICE catches up.