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Market strategist who called the pullback says you have to buy the tech 'FANG' stocks on the dip

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The logos of Amazon, Apple, Facebook and Google in a combination photo.
Reuters

The market appears to be entering a positive period after the Nasdaq shakeout, and big-cap tech has gotten cheap enough to buy, according to BTIG's Julian Emanuel.

Emanuel said big cap tech growth stocks, like "FANG" (Facebook, Amazon, Netflix, Google-parent Alphabet), have been beaten up enough after losing ground in the tech correction, as the Nasdaq Composite fell more than 10% in a matter of weeks. The S&P 500 lost just under 6% in that time.

"We just think you're in a period where the market could really just be looking at glass half full situation with regard to the Nasdaq — and financials, and energy and industrials, everything that has been working," said Emanuel, the firm's head of equity and derivatives strategy. "I think the next month or two could be quite positive for markets. Assuming that yields behave as they did for the last week."

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