I would stay away from the chips, I still see them relapsing more than other sectors. On retrenchments the like of BSTE, COCO, ECL, POOL, COO (actually in buying range here in the $26.5 to $27.5) are all good candidates which should not give you agida. CAKE and JCOM should be alright as well. FSTW, is a big question, I would say it is becoming dangerously close to breaking its prior LT bullish pattern and I may consider taking it off if it breaches $11 on a closing basis, and surely will take any bucker swing they give me on the second position if that does not happen.
I would not go overboard chasing anything. ECL here under $50 looks OK, I am trying to get in closer to $49, but may not be too stubborn. PII has repaired most of the damage and could be bought if it retreats to the $51/2 area (but have a stop just under $50).
And yes, I said in a recent post that the decline postulated for May and June (into mid July), is for now off the table. Do watch though how the BPCOMPQ and the equity P/C ratio are becoming very stretched, these are still major danger signals. Any contraction of new highs under about 120 on the Naz will also be a signal to watch that the advance may peter out.
Zeev