The Global X Social Media Index ETF (NasdaqGS: SOCL) is one of this year’s best non-leveraged ETFs with a gain of nearly 52%, a run aided by surges in a variety of richly valued, familiar Internet stocks. Think Facebook (NasdaqGM: FB) and LinkedIn (NYSE: LNKD), among others.

And one look at SOCL’s chart shows there have been precious few buyable dips. Until recently. Last week, in the midst of the first U.S. government shutdown in 17 years, not only was SOCL pressured by events on Capitol Hill, but also by investors starting to think that SOCL’s holdings were starting to sport a late 1990s feel. [Curtain Could Fall on Social Media ETF Party]

Translation: After the tech bubble burst earlier this century, nearly every time Internet stocks start looking pricy, someone starts calling for another bubble to burst.  To be sure, SOCL is not cheap. The ETF has a P/E ratio of nearly 37 and a price-to-book ratio of 4.5, according to issuer data. 

While the ETF did have some struggles last week, it has reclaimed nearly all of those losses, rising 3.4% in the past five trading days. That could be a sign that Internet stocks are poised to rally into year, that SOCL is ready to notch more new all-time highs and investors may not want to let this pseudo buying opportunity pass them by. [This Year’s 10 Best ETFs]

“After a 33% rally from its last base breakout at $15, Global X Social Media Index ETF has been building a base for the past few weeks. The first pullback to the rising 10-week MA after a strong breakout is usually an area that is supported by institutions, and we clearly see that last week. Notice that SOCL dipped below the 10-week MA, but closed back above it by the end of the week,” write Deron Wagner of Morpheus Trading Group.