I think this is the time to buy into tech. Specifically, the RF component makers of 3G and 4G wireless products. I'm no electrical engineer but from my research, these smartphones do not operate on the traditional silicon chips. They use Gallium Arsenide (GAAS), which is apparently higher quality and involves a more specialized manufacturing process, giving the current incumbents a competitive advantage.
I've been playing these semiconductors over the past couple years with some success, selling short-term covered calls on core positions for the first half of the year. Then using the premiums to go long on 6 month to 1 year calls into their seasonally strong 2H. These two stocks pretty much dominate the space: SWKS and AVGO. They both have healthy balance sheets and are trading at historically low multiples after the debt ceiling debacle (around 11 times next year's earnings on 25% expected growth). Plus, they very rarely miss.
I just added some more AVGO calls leading into their Q3 conference call on Aug 23. Good luck to me!