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Nasdaq breaks away from the pack in range bound market

The "Fast Money" traders on Monday debated how to invest in a market that is making some "odd" moves.

Since mid-July, shares of Apple and the Nasdaq biotechnology ETF (IBB) have surged more than 7 percent while the S&P 500 has remained about flat. Apple is down more than 12 percent in the past year, while the IBB has fallen 23 percent during the same period.

The Nasdaq and Nasdaq 100 saw their 5th positive session in a row, with the composite hitting its highest level since July 2015. The Nasdaq 100 touched its highest level in 16 years.The IBB saw its highest level in 6 months while posting its 4th straight positive session.

Trader Tim Seymour said that investors will find the most value in the technology sector "because I think you have the best valuations, the most capacity." He said, however, that does not mean all companies are equal in this space.

"Within technology, the semis aren't really what does it for me. I think you're probably chasing growth. For me, first of all, Google gives you the best combination of both. If I had to allocate to big cap tech, it would be Google, it would be Apple and it might be Cisco," Seymour said.

Trader Pete Najarian agreed and said even some of the big cap chip stocks have room for growth. He pointed to Intel, which was coming off of 52-week highs after a recent disappointing earnings report.

Trader David Seaburg disagreed and said he would sell technology in the near term. He said, instead, there's near-term opportunity in biotechnology stocks.

"I think there's going to be headwinds, no question. ... From a relative value perspective, I like biotech," Seaburg said.

CNBC's Christopher Hayes contributed to this report.

Disclosures:

PETE NAJARIAN

Pete Najarian is long stock: AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI.A, KMI, KO, LUX, MRK, PEP, PFE, VIAB, long calls: AAL, ABT, AKS, ANF, BSX, BZH, CHK, CIT, CNX, COP, DAL, DVN, FB, GILD, HALO, HOG, INTC, KGC, LLY, MCD, MPEL, MRO, MT, NGD, P, PG, SCHW, SLV, SLW, TMUS, VLO, XLE, YELP and puts: CS, EEM, MBLY, NLY.

STEVE GRASSO

Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX. Grasso's kids own EFA, EFG, EWJ, IJR, SPY. No Shorts. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in MU, AAPL, LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI.

DAVID SEABURG

Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. Seaburg and Cowen have a financial interest in EDIT.

TIM SEYMOUR

Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. abd short: SPY, XRT. His firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO and short HYG, IWM