Monday marks the 8th anniversary of the NASDAQ reaching its' all time high. I remember the day quite clearly as it was a Friday and I got married on that Sunday. From March 10th 2000 to early Oct. 2002, the NASDAQ dropped about 78%, even with a bit of a comeback over the last five years, the index is still sitting over 55% under the all time high.

In fact since the recent high at the end of October, the index has shed more than 22%. What does all this mean? While we may not see a return to all-time NASDAQ highs for another decade, the index has again gotten very cheap. It could be that the index is setting up for a move to the upside. After all, this past Friday, the NASDAQ easily outperformed the DOW, and I think we are going to start seeing a rotation into technology names.

Tech earnings haven't been to bad. All the pundits will say that with a recession, tech spending will get cut. Go into your nearest Apple (NASDAQ: AAPL) store and there are no signs of a recession. Check out the earnings for Research in Motion (NASDAQ: RIMM), things look okay. Heck, Google (NASDAQ: GOOG) is starting to look interesting as a value stock.

It may not happen tomorrow, but for long-term investors, technology maybe a place to think about investing.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. DISCLOSURE: Writer's fund has no position in any stock mentioned, as of 3/9/08.