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The Nasdaq [.NCOMP
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] outpaced the other major indexes Friday, with Microsoft [MSFT
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] providing a strong tailwind.
In fact, investors turned noticeably bullish on tech after the software giant reported its quarterly results. Microsoft said profits fell, but investors were more interested in its successful efforts to cut costs and they also liked hearing that the release of its Windows 7 operating system was on track.
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Considering the Technology SPDR [XLK
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] is up about 21% over the past month some investors are asking if tech has gone too far too fast.
According to Oppenheimer technical analyst Carter Worth it hasn’t. He thinks tech still has room to run. A lot of room.
“Tech leads the market in principle," he says, "and semi’s lead tech. It happened in the ‘02 – ‘03 market and I think we’re seeing it again. I’d stay with the relative outperformers.”
Of course not everyone is bullish. Karen Finerman sure isn’t. She says, “although it’s nice to see Microsoft up, in my opinion they’re higher on what I consider a weak report. I’m cashing out.”
Pip Coburn of Coburn Ventures Founder & CEO sees the space a little differently. He anticipates a new trend in which tech investors turn away from what he calls lower quality companies into higher quality names.
In fact, he has some very interesting and alternative ideas on tech. Curious? Watch the video now!
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Trader disclosure: On Apr 24th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (SDS), (AGN), (WYNN), (GE), (LVS), (WFC); Seymour Owns (BAC), (EEM), (FXI); Seymour Is Short (AAPL); Finerman's Firm Owns (AXP), (RIG), (UNH), (TBT); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (C) Preferred; Finerman's Firm Owns(MSFT) & (MSFT) Put Spread; Finerman's Firm Owns (WFC) Preferred; Finermans Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Najarian Owns (ANR) CAll Sprad; Najarian Owns (BX) Call Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PCU) Call Spread; Najarian Owns (PALM); Najarian Owns (RIO) Calls; Najarian Owns (XHB) Cal Spread; Najarian Owns (XLB) Call Spread
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes