Talk about a tech wreck.
The Nasdaq Composite Index posted its second worst January since 2008, with a 8 percent loss this month. Normally high flying stocks like tech giant Apple —which is now pinned below $100 per share—have been caught in the downdraft.
Rather than run from the carnage, one highly regarded technician says to buy this pullback in technology shares.
"Near-term trading is going to remain volatile, but for long-term investors we think these losses like the weaknesses we've seen today are a terrific opportunity to start legging into the market," Ari Wald of Oppenheimer told CNBC's Fast Money this past Wednesday.
According to Wald's chart work, many stocks in the Nasdaq 100 have already declined significantly. In fact, only 22 percent of the index is currently in an uptrend—defined as stocks above their 200-day moving average. If history is any indication, this signal is followed by above-average forward performance, according to Wald.