After an 11% YTD decline in the NASDAQ, many analysts think that technology is now in value territory according to this New York Times column. Their main argument is that the earnings growth forecast for tech companies is too low. American companies have a lot of cash in their balance sheets and the bulls are betting that more of that cash will be spent on technology.

I am agnostic about a recovery in the tech sector. It should be noted that bulls have been predicting a recovery in business spending for years. And tech sceptics note that the average tech stock is still trading at a premium to the market.

My portfolio is heavily oriented towards large-cap, value companies (My biggest position is Altria Group). Since I already work in the tech sector, I am underweight technology in my portfolios. (FD: I own shares in Intel and Nokia). If tech does perform as spectacularly as some bulls expect, I will be participating in it by exercising options and hopefully getting bigger bonuses.