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These Tech Stocks Could Keep Rally Going

CNBC.com |
Thursday, 21 Apr 2011 | 6:59 PM ET

The Dow hit its highest close since June, 2008, Thursday after a steep slide on Monday, helped along by blowout earnings from Apple.

United Technologies was the best performer on the Dow this week, rising nearly 4.5 percent, while Apple was the best performer on the S&P 500 for the week, rising more than 7 percent.

"It was the turnaround in technology itself," Joe Terranova said.

How should you trade it?

Terranova said the other names to look at in the tech sector are EMC, Oracle, Juniper, Broadcom, Qualcomm and Akamai.

But before you jump in with both feet, Tim Seymour offered some warning, saying earnings are very good, but the market still hasn't broken out of a range it's been trapped in for a long time.

"If the dollar rallies here, it doesn't matter that earnings are going to be stronger, I think we're going to have trouble breaking 1,335," he said.

Brian Kelley likes the cloud computing sector.

"You have to be in that cloud space, that's where things are expanding," Kelley said. "We saw that Apple is selling all kinds of machines. That's driving the new technology."

Kelley said he has purchased Juniper, BCSI and Riverbed Technology.


Seymour said Microsoft is also worth watching closely as they near earnings.

Watch the video for more tech picks:

Word on the Street
Is the dollar drop fueling corporate earnings. The dollar index falls to its lowest level since August 2008, with CNBC's Simon Hobbs and the Fast Money traders. Also, a discussion of tech earnings from this week, is the dollar broken for good, with Jens Nordvig, Nomura Securities, and how high can silver go.



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Trader disclosure: On April 21, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Doug KassSeabreeze Partners Management Owns (GM); Dennis Davitt Owns NYX calls

For Brian Kelly
Accounts Managed By Brian Kelly Capital Own (DIA)
Accounts Managed By Brian Kelly Capital Own (GLD)
Accounts Managed By Brian Kelly Capital Own (SLV)
Accounts Managed By Brian Kelly Capital Own (ARMH)
Accounts Managed By Brian Kelly Capital Own (BCSI)
Accounts Managed By Brian Kelly Capital Own (CLNE)
Accounts Managed By Brian Kelly Capital Own (EBAY)
Accounts Managed By Brian Kelly Capital Own (JJG)
Accounts Managed By Brian Kelly Capital Own (JNPR)
Accounts Managed By Brian Kelly Capital Own (LMT)
Accounts Managed By Brian Kelly Capital Own (MON)
Accounts Managed By Brian Kelly Capital Own (SU)
Accounts Managed By Brian Kelly Capital Own (TSN)
Accounts Managed By Brian Kelly Capital Are Long Silver
Accounts Managed By Brian Kelly Capital Are Long Gold
Accounts Managed By Brian Kelly Capital Are Long Wheat
Accounts Managed By Brian Kelly Capital Are Long Soy
Accounts Managed By Brian Kelly Capital Are Long Natural Gas Futures

For Guy Adami
Adami owns (AGU)
Adami owns (C)
Adami owns (INTC)
Adami owns (MSFT)
Adami owns (NUE)
Adami owns (BTU)

For Joe Terranova
Terranova owns (JPM)
Terranova owns (XOM)
Terranova owns (OXY)
Terranova owns (C)
Terranova owns (VRTS)
Terranova owns (BAX)
Terranova owns (BX)
Terranova owns (AKAM)
Terranova owns (TCK)
Terranova owns (HOC)
Terranova owns (UPL)
Terranova owns (V)

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 (NCRI)
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 (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & IRL PLC

For Stephen Weiss
Weiss owns (AAPL)
Weiss is short (AKS)
Weiss owns (COP)
Weiss owns (EMS)
Weiss owns (HPQ)
Weiss owns (JPM)
Weiss owns (MSFT)
Weiss owns (QCOM)
Weiss owns (TXN)
Weiss owns (VZ)
Weiss owns (SLV)
Weiss owns (GDX)
Weiss owns (HK)

Brian Kelly: No Disclosures

Jens Norvig: No Disclosures

Scott Nations: No Disclosures

CNBC.com and wires

  Price   Change %Change
AKAM
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BRCM
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EMC
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JNPR
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MSFT
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ORCL
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QCOM
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RVBD
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UTX
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AAPL
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