Expect Tech to Pop This Quarter: Trader

As stocks pulled back Monday, Stephen Weiss of Short Hills Capital said that it was time to bet on technology and financials.

The S&P 500 traded down nearly 8 points midday to the 1,561 level.

That's a signal to bet on an underperforming sector, Weiss said on CNBC's "Fast Money."

"I think you cut back your exposure on the defensive sectors, and you go into technology, you go more into financials, which have lagged. This is going to be the quarter of technology," he said. "Everybody's so negative about it. We hear about how it's underperformed, how it's lagged."

A report from the widely followed Institute for Supply Management showed slowed growth in March.

Weiss said that while domestic numbers were weak, exports were positive and hiring has been the strongest since June.

Those numbers will mean more activity in the technology sector," he added.

"That's where I'd go," Weiss said, while adding a caveat.

"I still think the market, however, is in a consolidation phase, seeing a few percent downside, and then, of course, we have earnings season coming up," he said. "And it could be anybody's guess there, although I think in technology it'll outperform."