While the market sold off on Monday, trader Pete Najarian spotted a Big Tech buying opportunity. He snapped up shares of Netflix , believing the streaming giant is sitting at attractive levels compared to rival Disney . Netflix has "been at the pause button all year. But I do think this is a stock that has a lot of room to the upside still," the co-founder of MarketRebellion.com said on CNBC's "Halftime Report," where he appears as a regular panelist. "I don't usually look for stocks until I see hard sell-offs in the market, and [Netflix] is a stock where we had a lot of call buying just in the last week or so. Monstrous call buying," Najarian said as the Dow Jones Industrial Average was lower by about 900 points, or more than 2.5%, and the broad S & P 500 also declined by about 2%. The Dow closed down 725.81 points, or 2.1%, while the S & P lost 1.6%. Just a few days ago, Netflix was trading at almost $560 per share, Najarian noted. Now, it traded around $530 apiece Monday. The stock is down about 2% year to date. "I thought that was a great opportunity to buy the stock and then used that implied volatility that is so high right now to be able to sell options against it, so that's exactly what I've done. I like this stock. I think that there's possibilities," Najarian said, expressing optimism about international growth prospects and pushes into areas such as video gaming . He also complimented Reed Hastings, co-founder and co-CEO, for deftly steering Netflix over the years to remain innovative. Netflix is scheduled to release quarterly earnings after the close Tuesday, and Najarian said he'll be watching closely. "We might have a quarter that they report that might actually get sold off a little bit. In that case, I might be prepared to buy a little bit more as long as the sell-off is for the right reasons, and we'll see," he said. "It depends on what they say in their earnings report, but I like this company."
Scott Mlyn | CNBC
While the market sold off on Monday, trader Pete Najarian spotted a Big Tech buying opportunity.