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These tech stocks could be set to break out

Microsoft CEO Satya Nadella
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Microsoft CEO Satya Nadella

A group of once high-flying tech names could be breaking out or on the verge of breaking out 15 years after they played a starring role in the tech bubble.

As Nasdaq regains 5,000 for the first time in 15 years, Oppenheimer sees potential for a group of technology stocks in the Technology Select Sector SPDR Fund ETF (XLK) to burst ahead. On the list, Microsoft and Intel, two dominant forces in the 1990s technology boom, but stocks that have never regained their 2000 trading highs.

"Some of them have already broken out," said Ari Wald, Oppenheimer technical strategist. Wald said his time frame is the next one to two quarters.

S&P Technology Select SPDR (XLK)

His breakout picks include Computer Sciences Corp, Cognizant Technology Solutions, Paychex, andTotal System Services in IT services. Names in the internet software and services area include Akamai,Ebay, Verisign and Yahoo. Also included were Autodesk, Broadcom, Linear Technology, Microchip Technology, Cisco, EMC Corp, Harris Corp and Corning.

"With what we're seeing in the overall market, they're set up to do it now," said Wald.

"We are bullish the overall market," he said. "We are in the 'bull market continues' camp. One thing that's very encouraging is the internal breadth. Participation in the market has been high."