We may see some of the capital expenditures spent this year were more or less pulled through from early 2005. All these tech purchases would have been done anyway but they've just been moved forward.
If tech stocks keep going up with no pause, they will get insanely frothy.
Tech stocks are probably a little pricey. But they're not stupid pricey.
There's still upside in tech but it's going to be more grudging and grinding and choppy, it's not going to be this moon shot that we saw a year ago.