Big tech stocks have been showing incredible resilience this summer in the face of distress from much of the rest of the market. And even though August has historically been a bad month for tech names, many of the major bellwethers are up amidst this month’s extreme volatility.
Cisco (CSCO) is holding onto its earnings gains, Micron (MU) was unchanged Thursday which, perhaps sadly, was a great sign, Pete Najarian said. And e-commerce names like eBay (EBAY), Priceline (PCLN) and even Yahoo (YHOO) have been showing strength in recent days, he says.
This early resurgence is because money is flowing out of the energy and commodities sectors and going right into the under-owned tech sector, Guy Adami says.
The tech sector is also largely protected against issues in the subprime, credit and mortgage industries. It hasn’t been where the hedge funds have been going, which is working out favorably for the sector now, Jeff Macke says. “Take these opportunities” to own tech stocks on downticks, he says.
Eric Bolling recommends the Technology Sector ETF (XLK) which has been working over the long term, he says.
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Trader disclosure: On Aug 9 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Macke Owns (JWN), (INTC); Najarian Owns (GS), (AMSC); Bolling Owns (T), (BP), Gold, Silver; Bolling Owns Japanese Yen Futures