Limiting Apple exposure, eliminating IBM while using ETFs that are either equal-weight funds or explicit plays on Internet stocks . Translation: Amazon (NasdaqGM: AMZN), Facebook (NasdaqGM: FB), Google and friends have been a lot better than Apple and IBM. So have Cisco (NasdaqGM: CSCO), Intel (NasdaqGM: INTC) and Microsoft.  Hence the out-performance of the S&P 500 by the PowerShares QQQ (NasdaqGS: QQQ). [These Nasdaq ETFs Hit All-Time Highs]

As the chart below indicates, equal-weight ETFs and even a Nasdaq ETF that has no tech exposure such as the First Trust NASDAQ-100 Ex-Technology Sector Index Fund (NasdaqGS: QQXT) have been better bets than the S&P 500 and traditional tech ETFs this year.

 

Tom Lydon’s clients own shares of Apple, Amazon, Google, Facebook, Intel, Microsoft, Cisco and QQQ.