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Top Traders: 3 Tech Stocks Trading Like It's 1999

The S&P 500 and Nasdaq ended modestly lower on Tuesday after the Federal Reserve again underscored challenges facing the woeful economy in its latest statement.

But you’d never know there were any economic concerns if you just look at the price action in eBay, Amazon and Princeline .

These tech titans have all powered higher just like it was 1999.

In fact, after the bell on Tuesday eBay raised guidance while Priceline and Amazon touched 52-week highs.

Is this a sign that the go-go days of Internet stocks are back?

Insights Insights with the Fast Money traders

Baidu is worth mentioning here too, says Tim Seymour, as a sign of the go-go days of China's Internet. And here in the US, Salesfore.com is another big winner.

However, my guess is that the moves mentioned above are short squeezes, he says, and not big bets on the Internet.

For the past $50, Amazon has almost been moving in a straight line up. At some point I think it gives back these gains, adds Guy Adami. Wednesday may be the day.

If you want to play one of them, I’d look at eBay, adds Patty Edwards. But know that you’re making a bet on people selling stuff so they can make their mortgages and other payments.

In the space, I think the better trade is long IBM , adds Adami. Even though it also traded near a 52-week high I still think valuations are cheap.

I’d look at Google , adds Seymour. It’s the ultimate growth stock that’s turned into a value play.

In the space I like the new technology names such as F5, Riverbed and Aruba Networks, adds Joe Terranova. Those are the new growth names - kind of what eBay, Amazon and Priceline once were.

Top Citi analyst Mark Mahaney thinks Amazon and Priceline.com have room to run. Click here to check out why they're among his favorite picks!



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Trader disclosure: On September 21st, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL); Adami owns (AGU), (BTU), (NUE), (GS), (C), (INTC), (MSFT); Adami’s wife works at Merck; Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (DO), (EOG), (FCX), (FTO), (XBI), (GS), (HES), (IBM), (JOYG), (MA), (NBR), (NOV), (OXY), (ORCL), (PEP), (POT), (RSH), (GLD), (SLB), (SU), (SPLS), (RIG), (UPL), (VRTS)

For Patty Edwards
Edwards owns (AAPL) for clients
Edwards owns (AMZN) for clients
Edwards owns (CSCO) for clients
Edwards owns (EMC) for clients
Edwards owns (FCX) for clients
Edwards owns (GOOG) for clients
Edwards owns (HPQ) for clients
Edwards owns (IBM) for clients
Edwards owns (JPM) for clients
Edwards owns (MS) for clients
Edwards owns (NRG) for clients
Edwards owns (ORCL) for clients
Edwards owns (SYT) for clients
Edwards owns (WFMI) for clients


For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DLUEY)
Virtus Investment Partners own more than 1% of (DRYS)

For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own (ORI)
Accounts managed by Kanundrum Capital own (RGR)
Accounts managed by Kanundrum Capital own U.S. Dollars
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital own (POT) calls
Accounts managed by Kanundrum Capital own Swiss Francs
Accounts managed by Kanundrum Capital are short Euros
Accounts managed by Kanundrum Capital are short (BCS)
Accounts managed by Kanundrum Capital are short (IAI)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (OIH)
Accounts managed by Kanundrum Capital are short (BA)
Accounts managed by Kanundrum Capital are short Mexican Peso
Accounts managed by Kanundrum Capital are short U.K. Pound

For Mark Mahaney
Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Amazon.com Inc in the past 12 Months.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities related: Amazon.com Inc.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, nonsecurities- related: Amazon.com Inc.
Citigroup is a market maker in the publicly traded equity securities of Amazon.com
Citigroup is a market maker in the publicly traded equity securities of Priceline.com

For Michael Binetti
Binetti’s team owns (NKE)

For Marc Chandler
***No Disclosures***

For David Riedel
***No Disclosures***


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NASDAQ
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S&P 500
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AMZN
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ARUN
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BIDU
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CRM
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EBAY
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FFIV
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IBM
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PCLN
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RVBD
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GOOGL
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