Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of NetLogic (Nasdaq: NETL) rose as much as 13% and kept most of the gain throughout the trading session, closing up 12% on the day. Good results from Cisco (Nasdaq: CSCO) appear to have lifted the stock, as was the case for many networking equipment companies.

So what: Looking at Cisco CEO John Chambers' comments, I wonder whether the broader rally is overdone. Chambers talked mostly about action plans for overcoming his company's specific challenges and successes to date.

Now what: So while Cisco's beat is impressive, rubber-stamping it as a mandate for an ongoing tech rally may be going too far. For NetLogic -- an expensive stock that trades for 20 times long-term earnings estimates -- fading euphoria could mean a not-insignificant pullback. Tread carefully, Fool. Do you agree? Disagree? Weigh in using the comments box below.

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