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Eaton Vance Portfolio Manager Yana Barton believes there is great value in the sector.
"Information technology sector is expected to grow its earnings 3%. If you X out some of the big cap names that are kind of depressing those growth rates that growth rate actually triples to 9%, and it's trading at multiple of the S&P 500 with zero growth at best, so lots of value in the information technology sector,"she argued.
Despite the big rally it's had this year, Yana thinks Facebook is still cheap: "Don't look at the multiple on a standalone basis. Look at the growth rate, and I would ask what is the growth rate of top line for a company like Facebook. It is 30%, you're paying nothing for that growth rate. Actually the multiple is at 32 times, so slightly above the growth rate."
Trader Jon Najarian agrees with Barton that there are places that you can find value in tech and recently bought Twitter.
"The last 30 days of Twitter, it has moved up. The stock volume is up to 26 million versus 22 million shares a day in the previous 30 days. There's an accumulation going on as it moves from 14 now into the 20's…so what I'm saying is it is under accumulation," he said.
Trader disclosure: Jon Najarian owns Twitter.