Can there not be an argument made to dive into TXN? It's trading at 25 forward P/E (2001) with a 5-year consensus growth rate of 24.2. A PEG of ~1 on a high quality stock with superior technology, good management, great market position and tremendous long-term growth has got to be an opportunity, right? What's your view? The technicals (MACD) are not great right now but I think fundamentally this is a tremendous value long-term. It looks like the economy has really got the brakes on now (too much) but wouldn't you expect the market to begin pricing in rate cuts in 2001 pretty soon and an eventual return to high growth in technology? I wouldn't touch any peripheral players but some of the megacap stocks with great market positions, like TXN, are sure tempting. Nasdaq down 46% from its March high and not looking good at the open. This could be a "buy while there is blood in the streets" opportunity.

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