Nanotech vs S&P500

The PXN (nanotech ETF) and the $NNZ (Merrill Lynch nanotech index) are still lagging behind the S&P500, with the recent months not being kind to the nanotech sector.

With the general indexes going higher in this year end rally, there just isn't enough money going into these nanotech related companies to fuel a similar rise in stocks.
Is this an opportunity to get into an undervalued market sector, or a sign that things might not be so good for the next months?
Only in 2007 we will find that out: