Tech is the rally that just keeps on climbing.

After a strong earnings season for tech companies including Apple Inc. (AAPL) and Cisco Systems Inc. (CSCO) boosted investor optimism, the Nasdaq Composite Index is hovering close to a record. With that, the cost of hedging against big swings in technology stocks has plunged.

The CBOE NDX Volatility Index, which tracks near-term volatility in the tech-heavy Nasdaq, decreased 8.3% last week to its lowest level since May relative to volatility measure in the S&P 500 Index, according to data from Bloomberg.

Tech stocks have posted solid gains throughout the year. The Technology Select Sector SPDR Fund (XLK) has gained 31% since the start of 2017. The Nasdaq is up for a fifth month and hit fresh records last week.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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