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."

Vote to see results
Total Votes:

Not a Scientific Survey. Results may not total 100% due to rounding.


Trades to Watch

Trader Bios


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.

Sara Eisen

Sara Eisen joined CNBC in December 2013 as a correspondent, focusing on the global consumer. She is co-anchor of the 10AM ET hour of CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET), broadcast from Post 9 at the New York Stock Exchange.

In March 2018, Eisen was named co-anchor of CNBC's "Power Lunch" (M-F, 1PM-3PM ET), which broadcasts from CNBC Global Headquarters in Englewood Cliffs, N.J.

Read more