As the Nasdaq 100 Index nears record territory and is on pace for its best month in five years, some investors are faced with a simple question: Are there any stocks in the index left to buy? According to one highly regarded technician, there are three.
"The area of the market that we think continues to do well over the next few years is big-cap growth, and one of the best barometers of the big-cap growth is none other than the Nasdaq 100," Oppenheimer's Ari Wald said on CNBC's "Fast Money."
Over the past few years, the index has steadily climbed to new highs, and according to Wald's chart work, is still showing a number of bullish signs.
"Priceline is a very strong Internet catalog name," said Wald. He says the charts suggest the stock could soon break above important resistance dating back March 2014. If it does, Wald said, the stocks could break out above $1,700. Priceline shares are up 24 percent this year and hit an all-time high of $1,439 this week.
Regarding Akamai, Wald said: "This has really been the bright spot of the tech sector."
The cloud services company has been in a narrow pattern above a rising 200-day moving average, according to Wald. The chart suggests an upside pattern in which the stock is headed for new highs. Akamai, whose shares are up 20 percent this year, reports earnings after the bell Tuesday.
According to Wald, Costco has all the counter-cyclical characteristics that "can do well in this market." Over the past few years, the stock has maintained its uptrend in comparison to the . Wald said Costco's recent breakout above $150 has now become a level of support and could support even higher prices. Shares of Costco hit an all time high this week.
DISCLOSURE: Wald does not have any personal disclosures in the securities AKAM, COST, PCLN. Oppenheimer makes a market in the securities of the companies.