In homage to Herman's Hermits, "2nd verse, same as the first..." (this was the same case I made in March 2014)
With large cap tech trading at middling multiples (15x) there is still room for the major large cap indices to go higher.
If large cap tech were to play catch-up (moving from 15x to 18x) it would also likely underpin the rest of the market (maybe even add a little to their valuations) and could see the general market indexes rise another 15%-30%.
Last year at this time we saw the high beta momentum plays get hung drawn and quartered even as large cap tech underpinned the "broader" strength in the market. I say "broader" because breadth actually deteriorated significantly (small-mid caps were hammered) but this was not so evident from the large cap major indices.
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