FANG has made up some serious ground.
As those stocks have grown double digits from the market bottom, one technical analyst is forecasting bigger breakouts for two of the four internet giants.
"Sometimes, you have to sit back and wait a little bit, and I think that's going to be key for two big stocks right now," Matt Maley, managing director and equity strategist at Miller Tabak, said Tuesday on CNBC's "Trading Nation." "The first one is Netflix, and the other one is going to be Facebook."
He noted that Netflix's stock seems to be caught in a range, but a breakout above the resistance — perhaps after the streaming company issues its expected earnings report next week — could ignite its shares.
The same goes for Facebook, which has also been trading in a relatively tight range, Maley said. But its earnings report, which is expected in two weeks, could be more dire, the technician warned.
"Every single time in the last five quarters, it's seen a huge gap in either direction right after that report. So we have to be a little bit careful on those dates," he said. "So, right now, I'm kind of in a wait-and-see attitude, especially since they've seen such big runs right here, and I want to see more proof before I can really jump back on board and see if they'll go higher. If they do, and they do break out, boy, the sky's the limit."
Strategic Wealth Partners President and CEO Mark Tepper had a different favorite in the group.
While he told CNBC in the same interview that he liked Netflix and Alphabet and was lukewarm on Facebook's trajectory, Amazon stood out to him as the most promising.
"My favorite of the group is Amazon, without a doubt," he said. "Whenever growth is scarce, investors tend to flock towards companies and industries that are outgrowing the S&P 500, and there's no question about it: We are in a slow-growth economy right now, and there's not a company in the FANGs that's growing faster than Amazon."
And besides the fact that investors aren't paying a lot for Amazon's impressive growth metrics — low double digits in its dominant e-commerce business and over 40% in its Amazon Web Services cloud segment — the company is also taking share from some of its FANG companions, Tepper said.
"Throw in the profit tailwinds that are coming from advertising, and there's no doubt about it that they are taking ad dollars from Google and Facebook right now," he said. "So, when you put all that stuff together, the way I look at it is you have a company here with Amazon that should not be trading at 10% off its all-time highs when the S&P is, ... maybe 2% off right now. So, we like Amazon. That's our pick there."
Disclosure: Strategic Wealth Partners has long positions in Netflix, Alphabet and Amazon.