Following recent developments in ultrashort pulse laser technology, there are now many examples of applications to transient spectroscopy of semiconductors where distinctly new physical information has been obtained at a fundamental microscopic level. Our work has focused on selected aspects of exciton kinetics in the so-called 'semimagnetic' semiconduc-tors, sepcifically Cdl_xMnxSe and Cdi_xMnxTe 1. These II-VI materials, while possessing many of the conventional features of their parent compound semiconductors, have additional spin-spin interactions which lead to a number of interesting and useful properties2. Excitons, in turn, control many of the light emitting properties, especially at low temperatures. The emphasis below, however, is to show through a specific example that the experimental techniques in question can yield real time kinetic information of excitonic energy relaxation processes with considerable detail. In the next section we review some of the technical aspects of a two-laser excite-probe approach, termed here as photomodulation spectroscopy. In Section III we show an example of exciton energy relaxation and subsequent trapping by alloy potential fluctuations in the mixed crystal Cd1-xMnxTe. Some concluding remarks follow in Section IV.