NEW YORK ( TheStreet) -- The rotation into tech stocks was a major fuel for stock market momentum (MOJO) that turned for the better following the June 4 low at 2727 on the Nasdaq. The Nasdaq began 2012 with a January 4 low at 2677, but by January 10 moved above my annual pivot at 2698 to stay.The key on June 4 was staying above this important annual level. Year-to-date the Nasdaq leads the major averages with a gain of 22.1%, while setting a multi-year high at 3196.93 on Friday. On Aug. 9 I wrote Trading Technology and Telecom Stocks where I provided "buy and trade" strategies for ten stocks in the Technology Select Sector SPDR Fund ( XLK) which traded to a multi-year high at $31.74 last week. The Computer & Technology Sector is now 10.5% overvalued versus 4.5% overvalued on August 9. With XLK overbought on its monthly, weekly and daily charts, it's time to book profits in the tech sector. The daily chart of the XLK ($31.51) is overbought and above its 21-day, 50-day and 200-day simple moving averages at $30.96, $30.08 and $28.63. During the Tech Bubble of 1999/2000 XLF traded as high as $65.44 in March 2000, which cannot be shown on a daily chart. My annual and semiannual value levels lag at $25.48 and $23.92 with an annual pivot at $29.93 and quarterly, weekly and monthly risky levels at $32.18, $32.46 and $32.96.