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Traders weigh tech stocks ahead of Silicon Valley summit with Trump

The "Fast Money" traders debated whether technology stocks will continue to climb after industry leaders meet with President-elect Donald Trump on Wednesday.

After the election, the technology sector initially lagged the broader market, but it has started to participate in the recent gains. The key sector ETF gained more than 1.2 percent on Tuesday.

Trader Pete Najarian said that valuations are still fairly low in the technology sectors. Other sectors have rallied in anticipation of a pro-business environment under Trump's administration, but Najarian argued these same corporate tax cuts and repatriation of foreign earnings can benefit the tech sector, too.

While trader Steve Grasso agreed the technology sector can move higher from current levels, he said he believes that it's still "over-owned."

Investors should take a look at Amazon, trader Guy Adami said. The stock, which ended the day at $774.34, may retest $850 soon, he said.

Disclosures:

PETE NAJARIAN

Pete Najarian owns calls: AKS, BLL, BVN, BZH, CNX, DISH, ETP, GLD, HLT, HPQ, KMB, MGM, MT, NEM, NKE, P, STX, TV, TWLO, TWTR, WFT, WLL. Najarian is long: AAPL, BAC, BLL, DIS, DISCA, GE, HD, INTC, JWN, KMI, KMI.A, KO, LUX, LVS, MRK, MSFT, PEP, PFE, XLNX, XLF. He owns puts of: CAT, GGP, PJC.

STEVE GRASSO

Steve Grasso's firm is long: VIRT, WDR, FCX, ICE, KDUS, MAT, MJNA, NE, OLN, RIG, TAXI, TITXF, WDR, ZNGA, CUBA, HSPO, ICE, MJNA, TITXF, AGN, BIIB, REGN, SPY, GLD. Grasso is long: BA, CC, CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, SPY, SQ, T, TWTR. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. No shorts.

DAN NATHAN

Dan Nathan is long XHB Jan put spread, XLU Dec call Spread, XLK Jan Put spread, XRT Jan put spread, MCD Dec/Feb put calendar.

GUY ADAMI

Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.