We're set up for a nice little rally, however, how long it can last is unclear.
You might be inclined to explain away last week's weakness by noting the low volume and people on vacation, but the historical record of year-end rallies was built on similar conditions. More likely, the absence of sideline cash will become a common problem throughout the year.
This was one of the last areas of technology that still had the great, glory days of April going for it. The market is just not willing to put up with those high P/Es and is shooting them down one by one.