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Did Tech Pullback Generate Opportunities?

Wasn't tech supposed to be one area of the market that could make it through these rough patch reasonably well?

On Tuesday it was the worst performing sector in the entire S&P.

With the XLK almost 4% for the day, how should you game the pullback?

Instant Insights with the Fast Money traders

I’d look at MercardoLibre, Yahoo! and Apple, says Piper Jaffary analyst Gene Munster. All three names are attractive.

I like MercadoLibre too, says Tim Seymour, but currently valuations look a little rich.

And if you believe in the theme of e-commerce Amazon may be worth a look, but personally, I think there are better places to put money to work, Munster adds.

I'd also look at Baidu despite the high valuation, says Munster. China is one of the fastest growing advertising markets in the world and Baidu has a very strong big brother in Beijing.

In tech I’m watching Akamai and Apple, says Pete Najarian. If you’re still excited about these companies the pullback is an opportunity.

Intel is another name to put on the radar, Najarian adds. As far as I can tell from the options activity, investors are looking for upside in all of these names.

I'm keeping an eye on the smartphone trade, adds Barry Ritzholtz. If Verizon gets the iPhone I'd think twice about long positions in either RIM or AT&T, he says.

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Trader disclosure: On June 29, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Pete Najarian owns (MRVL), short calls; Pete Najarian owns (HPQ), short calls; Pete Najarian owns (MRVL), short calls; Pete Najarian owns (CMC) a call spread; Pete Najarian owns (TCK), short calls; Pete Najarian owns (AMD) calls; Pete Najarian owns (LLC) a call spread; Pete Najarian owns (C) calls; Pete Najarian owns (BAC); Pete Najarian owns (BBY) a call spread

For Anthony Scaramucci
Scaramucci and Skybridge Capital own (JNJ)
Scaramucci and Skybridge Capital own (ESV)
Scaramucci and Skybridge Capital own (HAS)
Scaramucci and Skybridge Capital own (JPM)
Scaramucci and Skybridge Capital own (BAC)
Scaramucci and Skybridge Capital own (C)
Scaramucci and Skybridge Capital own (GS)
Scaramucci and Skybridge Capital own (HPQ)
Scaramucci and Skybridge Capital own (DELL)
Scaramucci and Skybridge Capital own (GOOG)
Scaramucci and Skybridge Capital own (SPY)
Scaramucci and Skybridge Capital own US Dollars

For Dennis Gartman
Funds Managed By Dennis Gartman Are Short Yen
Funds Managed By Dennis Gartman Are Long Canadian Dollar, Australian Dollar

For Gene Munster
Piper Jaffray makes a market in (AAPL)
Piper Jaffray makes a market in (GOOG)
Piper Jaffray makes a market in (IACI)
Piper Jaffray makes a market in (BIDU)
Piper Jaffray makes a market in (DRIV)
Piper Jaffray makes a market in (YHOO)

For Gary Shilling
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Scott Nations
***NO DISCLOSURES***


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