In defence of the SOX, it is on the verge of a major breakout of both its 50-day MA and declining resistance from December. If it takes its lead from the SMH and breaks though it will create some room for a nice run to the 200-day MA.
It's not hard to find wags waiting for the next decline, knocking recent market strength. I would prefer to see a more active retest of January lows, but the more I look at this market - the less I think this will happen.