Yesterday we highlighted an ETF that is part of the greater “Technology” space, iShares PHLX SOX Semiconductor Sector (NasdaqGM: SOXX).

Semis are indeed “part” of the NDX (Nasdaq 100 Index), which tends to be the leading barometer followed by market participants in terms of those looking for the financial health of the “Tech” space, as Intel (NasdaqGS: INTC) has a 4.68% weighting currently in the index.

More importantly, Apple (NasdaqGS: AAPL), as we have mentioned on numerous occasions in 2012, has a lofty 17.98% weighting in the NDX and PowerShares QQQ (NasdaqGM: QQQ), followed by MSFT (8.87% weighting), GOOG (5.15%), and ORCL (4.88%) ahead of INTC which is the fifth largest holding.

Yesterday, with the SPX (S&P 500 Index) closing about 1.4% off of its 2012 high which was briefly touched in mid-August, we saw the NDX, specifically powered by the Technology sector, display impressive relative strength with QQQ reversing an intraday sell-off to close down only roughly 0.10%.

The intra-day turnaround resulted largely from a surge in AAPL stock, which is now within shouting distance of it’s all time high ($680.87 which was touched five trading sessions back).

AAPL reportedly sent out invitations to customers to an event on Sept. 12, which is expected to be the unveiling of the iPhone 5, and Wall Street seemed to cheer this development yesterday.

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