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The S&P 500 technology sector has had a nice rally over the past month, gaining more than 5 percent, but tech investors will need to be careful where to put their cash, Matrix Asset Advisors CIO David Katz said Wednesday.
While tech will continue to rally, "t's going to be more spotty," he told CNBC's "Squawk Box. " "You're going to have more ups and downs. We wouldn't chase this rally. There are opportunities in technologies, but you don't want to buy something just because it's up."
"This year they're just getting started, but if you look at the last 52 weeks, the FANG stocks are still pretty pricey. But things like Cisco or Microsoft have just started to move in the last month, and we think they're still selling at a pretty reasonable valuation, so we think those are very good places to be in, " Katz said.
MSFT (blue) and CSCO (green) 1-month chartSource: FactSet
Katz also said investors looking to buy into a FANG stock should stay away from Amazon because of its high valuation.
"If you wanted to own a FANG stock, we think Google also has very good prospects and is at a more reasonable 20-to-25 times earnings. "
Entering Wednesday, Amazon's price-to-earnings ratio was 297 to 1. The stock is up nearly 7 percent this year, a far cry from last year's 117.78 percent gain. Facebook and Netflix are the other FANG stocks.
Disclosures: Katz owns Cisco and Microsoft stock. Matrix Asset Advisors also holds at least a 1 percent stake in both companies.