The markets are hot right now, but that may mean that tech is white-hot. Many of the sector’s exchange traded funds (ETFs) are closing in on highs not seen in more than three years.

The tech-heavy NASDAQ gained 18.6% during September and October, the biggest two-month rally since the end of April 2009. It’s also gained 2.2% so far this month. [Tech ETFs and the Silicon Valley Comeback.]

Ben Levisohn for The Wall Street Journal reports that points out some of the positive factors moving the index right now:

  • Tech stocks have gotten a lift from growth in overseas markets, which has led to increasing demand for computers and gadgets.
  • Domestically, not even a recession and high unemployment can outweigh the desire for the latest gadget, whether it’s an iPhone, Droid or a Blu-Ray player. Apple (NASDAQ: AAPL), in fact, was recently given an outperform rating by an analyst who cited the company’s stock rising 30% since August, Forbes reports.
  • Like others, technology companies are sitting on piles of cash that’s waiting to be deployed. Some companies are using it to merge with others, while other corporations are biding their time.
  • Investors’ risk appetite is improving, thanks to the Federal Reserve’s $600 billion bond-buying program.

Analysts say there’s another signal in the tech rally: it’s a sign that the broader stock market has room for yet more growth. Tech stocks are historically among the top performers at the start of a bull market. However, many are still skeptical that the performance is going to last. [Why Tech ETFs Deserve Another Look.]

What’s your view? We use the trend lines, and by that measure, most tech ETFs are above the 200-day moving average. Some are even in the double digits. If you believe tech has room to run and it’s a place you want to be, consider broad funds like the First Trust Technology AlphaDEX (NYSEArca: FXL), which is one of the top-performing tech ETFs – it’s up 17.3% in the last six months. Technology Select Sector SPDR (NYSEArca: XLK) is up 13.2% in the last six months.

If you’re bearish on tech and feel like this rally might be overheated, funds like Direxion Daily Technology Bear 3x Shares (NYSEArca: TYP) and ProShares UltraShort Technology (NYSEArca: REW) will give you the exposure you’re seeking.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.