So tech's overextended? We saw some research out this morning talking about how tech is the most overextended it's been in years. I hear that. There are many stocks that have roared in tech.
But you know what? I am hard-pressed to say that tech is any more extended than the industrials. And if you strip out Apple (AAPL), I will go further and say that tech's pretty much keeping pace with the market after a severe period of underperformance.
Let's take Broadcom (BRCM), which was downgraded today on valuation. Last year at this time with prospects not nearly as great as they are now, BRCM traded 10 points higher. TEN POINTS HIGHER! That's nuts.
Or how about Juniper (JNPR), which catches its fair share of downgrades on a regular basis. If Juniper's product cycle is as good as the analysts tell me, would you be a seller down 50% from its high? I wouldn't be.
Or how about Avnet (AVT)? It has finally reached the bottom of the semi liquidation cycle and started to move up? Sell now?
Seagate (STX) at 4x earnings? Time to jump ship?
I could go on and on.
When tech is extended to where it was a year ago, I will consider selling the group. Until then, shut up and enjoy the ride.
More from Jim Cramer: