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Although Sanderson called the FAANG stocks "roaring leaders in a strong market," two could see pullback in the case of a market correction.
"The [stocks] furthest away from earnings tend to be the most volatile, and those are Amazon and Netflix," Sanderson said Monday on CNBC's "Squawk Alley. "
He added that Google is the most resilient within the group.
Amazon faced a big earnings miss for their second quarter, with an EPS of only 40 cents per share versus street estimates of $1.42 per share. It did beat revenue expectations, bringing in $37.96 billion.
Netflix missed its EPS estimate by one cent, reporting an EPS of 15 cents per share, and its revenue slightly beat analysts' expectations. However, the company did have a huge beat on subscriber estimates, reporting an added 5.2 million subscribers, blowing away Wall Street's estimates of 3.23 million.
Investors really have to think about potential earnings sometime in the future, and there's not a lot of support for Amazon and Netflix from a near-term valuation perspective, Sanderson said. Between the two, Amazon has the "most tangible long-term story" while Netflix is more controversial and would come down the most if the market hits some volatile times, he said.
The FAANG stocks are up 35 percent year to date as a group. However, the segment has recently seen a pullback.