After the Thanksgiving turkey was eaten, and well before Christmas gifts were wrapped, strategists and portfolio managers were looking ahead to 2011. Those that On Wall Street magazine rounded up were in an unusual degree of accord: technology and industrials were what they wanted under the tree. The only disagreement was whether health care stocks constitute a nice stocking stuffer or a lump of coal.

James Swanson, chief investment strategist for MFS Investment Management, says tech is his favorite sector. For a start, it's the biggest part of the S&P 500-now 19% of the index, the heftiest weighting it has enjoyed since 2000, right before the tech wreck. But he says that things are different this time around, as the sector is much more robust than it was a decade ago. And free cash flows, as a percent of sales, are now almost triple what they were in 1999.

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