And as a software play he recommends Success Factors .
If you don’t have a longer-term time horizon, (that is you can’t hold through year’s end) Terranova concedes, “valuations look stretched.” However, he thinks the trade right now is all about momentum and “momentum is to the upside. I’d stay with it and raise my stops,” he counsels.
Jon Najarian agrees with Terranova’s long-term outlook. “I don’t see a reason for the stocks to stop working.”
And on Thursday’s Fast Money he says, "People around the world want technology. I just see demand rising for smartphones and tablets for a long time to come.”
Steve Grasso is a little more cautions. He'd avoid the tech blue chips in favor of newer tech names. “I’m seeing clients rotate out Cisco, Microsoft and Intel the old leaders,” he says. “However, they’re rolling into NVIDIA and Micron even at these valuations.”
Tim Seymour is on the same page as Grasso. He’s also inclined to think the go-go new tech names have more growth ahead while some of the old technology names may be challenged.
Brian Kelly doesn’t think investors should paint all of the old technology stocks with the same brush. “Seagate is kind of an old tech name but it’s a great place to be, says Brian Kelly. They make hard disk drives and they’re in the enterprise space.
Guy Adami thinks names that have been working should continue to work. “Especially the chips stocks, they’re on fire. Look at Qualcomm and Broadcom,” he says.
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ROUGH WEEK FOR THE KING OF TECH: APPLE
Apple stock ticked down from record highs this week on concerns over Steve Jobs' health as well as reports of a cheaper iPhone model that could pressure margins.
And on Friday reports suggest DOJ officials had Apple on the radar concerning how it allows media companies to sell its content through its devices.
How should you position?
$348 had been resistance and now it should be support, says Joe Terranova. I’d play long with a stop at $348
I’m a buyer of Apple but on significant dips, says Jon Najarian.
Around $320 I’d also lock and load, says Steve Grasso.
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TRADING THE GLOBE: AUTO SALES
China, the world's top auto market experienced a 19% jump in car sales in January..
How should you play this growing auto market?
Tim Seymour likes GM. “They’re the biggest player of the non-local players,” he says. Also he suggests looking at Ford and Tata Motors .
Jon Najarian also likes downstream plays. "Take a look at parts suppliers such as Lear, Borg Warner and Johnson Controls," he says.
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Trader disclosure: On Feb 18, 2011, 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); Seymour Owns (BAC); Seymour Owns (F); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); Terranova Owns (VRTS); Terranova Owns (C); Terranova Owns (UPL); Terranova Owns (GM); Terranova Owns (MS); Terranova Owns (SLXP); Terranova owns (TEVA); Terranova Owns (BAX); Terranova Owns (CVI); Terranova Owns (RSX); Terranova Owns (SU); Terranova Owns (CNQ); Jon Najarian owns (AKAM), is short (AKAM) calls; Jon Najarian owns (AXL), is short (AXL) calls; Jon Najarian owns (CSTR), is short (CSTR) calls; Jon Najarian owns (JNPR), is short (JNPR) calls; Jon Najarian owns (NBR), is short (NBR) calls; Jon Najarian owns (RSH), is short (RSH) calls; Jon Najarian owns (SVU), is short (SVU) calls; Jon Najarian owns (SWY), is short (SWY) calls; Jon Najarian owns (X), is short (X) calls; Jon Najarian owns (CAT), is short (CAT) calls; Jon Najarian owns (AMD), is short (AMD) calls; Jon Najarian owns (BBY), is short (BBY) calls; Jon Najarian owns (CME), is short (CME) calls;’ Jon Najarian owns (CBOE), is short (CBOE) calls; Jon Najarian owns (GNW), is short (GNW) calls; Jon Najarian owns (NYX), is short (NYX) calls; Jon Najarian owns (NVDA), is short (NVDA) calls; Jon Najarian owns (V), is short (V) calls; Jon Najarian owns (WMT), is short (WMT) calls; Jon Najarian owns (ARUN), is short (ARUN) calls; Jon Najarian owns (RIMM), is short (RIMM) calls; Jon Najarian owns (GS), is short (GS) calls; Jon Najarian owns (SPWRA), is short (SPWRA) calls
For Brian Kelly
Accounts Managed By Kanundrum Capital Own (AGO)
Accounts Managed By Kanundrum Capital Own (AMD)
Accounts Managed By Kanundrum Capital Own (BAC)
Accounts Managed By Kanundrum Capital Own (EBAY)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (INTC)
Accounts Managed By Kanundrum Capital Own (MS)
Accounts Managed By Kanundrum Capital Own (SLV) calls, are short (SLV) puts
Accounts Managed By Kanundrum Capital Own (IAU)
Accounts Managed By Kanundrum Capital Own (VIX) calls
Accounts Managed By Kanundrum Capital Are Long The Euro
Accounts Managed By Kanundrum Capital Are Long The British Pound
Accounts Managed By Kanundrum Capital Are Short the USD
For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DPUKF)
For Doug Kass
Seabreeze Partners Management Is Short (HSIC), (PDCO
For Anthony Scaramucci
SkyBridge Capital is a fund of funds manager. Funds held may or may not own the recommended securities.
Comcast Is The Parent Company Of CNBC
Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC
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