A Wall Street legend who nailed this year's rally still sees value in 3 high-flying tech giants

Wall Street legend Byron Wien doesn't find technology's bearish start to the week disturbing.

In fact, it's his leading sector pick.

When it comes to tech's bull run, "I don't think it's ever over," Wien said Monday on CNBC's "Trading Nation."

The Nasdaq registered its first four-day losing streak since November — and posted its worst day since Sept. 5.

Social media giant Facebook, which on Monday had its worst daily performance since November, had the most negative impact on the Nasdaq 100.

But Wien is clearly not discouraged by the recent numbers.

"There's always going to be technology companies that are going to surprise you with earnings on the upside," the Blackstone vice chairman said.

Investors may want to listen to Wien, who's been firmly in the bull camp. His track record on the broader markets has been solid.

His 2017 forecast called for the S&P 500 to jump by 10 percent to 2,500. The index is trading around that mark right now.

Despite the recent challenges, the Nasdaq has still surged 23 percent since the November presidential election.

But there may be little upside left. Wien predicts most of the gains are baked into stocks for 2017.

He's also not discounting a pause in some of the tech leaders' gains.

"I think maybe the existing technology leaders may rest for a while," he said. "A couple of them like Amazon have valuations that are excessive. Netflix also."

Yet America's most widely owned stock may see a different fate, according to Wien.

"Apple does not [have excessive valuations]," Wien said. "I would say Google and Facebook are not aggressively priced."

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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