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Tech Stocks to Watch

Where can the traders be found this week? Deep in the heart of techs.

Microsoft's earnings "absolutely knocked the cover off the ball," OptionMonster.com co-founder Jon Najarian tells CNBC. "What do you do? I think you do get to the sidelines for the short-term, but long-term.. perhaps six months.. I think the stock goes up through 40, and probably is, in the first quarter of this next year, trading in the 42, 44 dollar level."

"Microsoft, Yahoo, all these companies are running on all cylinders right now," says LanczGlobal president Alan Lancz. "The strong stocks that are leading and can differentiate their product, I think there's still room to grow with technology.

But not all technology.

"We plan on reducing out technology overweight.. we started this week with selling companies like ADC Telecommunication. . . we don't see any really proprietary differential type product there, so I think you're going to have margin erosion," he said.

OptionMonster's Najarian will have his eye on Microsoft for some time. "I would take profits in the short term," he cautions, "and look for a chance to get back in around 33."

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