Tech: 4 Trades That Could Perform Into Second Half

As we've been saying for a while now, tech was supposed to be an area of the market that could get through market squalls reasonably well, wasn't it?

Over the past 6 months the tech sector is off about 12% with Google and Microsoft hit particularly hard. Take a look:

Notable First Half Losers
Google -28%
Microsoft -23%
Yahoo -16%

How should you game the second half?

BGC analyst Colin Gillis tells the desk to play the space selectively.

For a trade he suggsets looking at a pairs trade; Microsoft against Google for the upcoming quarter. "Windows 7 is a success. They're selling 7 licenses every second," Gillis says. "And office 2010 is on the tape as well."

And he's concerned about Google because his checks suggest "click pricing could be soft; down 2% as consumers get more choosy about what they buy. That's a negative for Google in the June quarter."

Looking at Yahoo!, Gillis says the stock is a value play. "If you're interested in value investing get involved with this one. It's not just a macro-play on advertising it's a turnaround story," he says.

He also likes Apple "for pricing power. Their gadgets fall into the category of items you must have."

Pete Najarian adds, "if you think technology will make a comeback, I’d look at Akamai!"

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Trader disclosure: On June 28, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (IPSU), (BX), (AGU), (PFE), (TER), (GMCR), (RSX), (TER), (AXP), (KO), (KR), (COST), (AMZN), (TEVA), (BMO), (DIS), (XCO), (SWN), (GMCR), (IPI), (SU), (XOM), (RDS.A), (COP), (OXY), (V), (FXB), (UPL), (JPM), (MS), ( C), (BAC), (GMCR); Terranova owns (GLD) 123 JULY PUTS; Terranova owns (GLD) July 120 puts; Terranova Owns (GS) Calls; Kelly owns (BP) puts; Kelly owns (FCX) puts; Kelly owns (GLD); Kelly owns (GDXJ); Kelly is short (GS); Seymour owns (AAPL), (BAC), (F), (MON); Pete Najarian owns (AKAM) call spreads; Pete Najarian owns (TEVA)

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