Will SOX suck this time?

Another index I'm watching closely: Semiconductors or  SOX. For those who are too young in the markets, SOX is one of the components the tech. bubble of 00' was made of. Since, it has lost its luster, but in some opinions  still remains an advanced indicator of economical growth since an  economic contraction makes the inventories of semi companies grow and their earnings (usually based on big margins) plunge.
SOX has landed in Nov' 08,  and since then has almost doubled. Now It looks indecisive about further movements up, lagging Nasdaq in its latest attempt to rally.