‘I’m incredibly bullish’ on tech: Trader

A new paradigm in technology, as well as in Apple, makes the sector a solid play, Joe Terranova of Virtus Investment Partners said Wednesday.

"I'm not selling out because we have this new dynamic now of, technology wants to come along and play," he said, adding that the sector had experienced an "unexpected appreciation."

On CNBC's "Fast Money," Terranova also said he was anticipating the product refresh cycle.

Apple is expected to unveil new products in mid-September.

(Read more: Apple shares cross $500 after Icahn, Cooperman take stakes)

Terranova also said he was positive on Cisco, which he expected to raise guidance, beat earnings expectations and continue to take market share.

"I think the story is exactly as if it's always been," OptionMonster's Pete Najarian said, adding that stock picking was especially important.

Najarian also said he continued to like Facebook, Microsoft, Cisco and Apple.

"When you're talking about Apple or Facebook, you are talking about where everybody has been targeting for quite some time," he added, noting that Apple stock had been clawing its way back from its sub-$400 levels even before a pop on news that billionaire investor Carl Icahn had announced his stake.

(Read more: Carl Icahn's effect on Apple: Traders weigh in)

"Without Carl Icahn, the stock was $475, so let's not suddenly say that Icahn's the only reason this stock is near $500," Najarian said. "He's given it that last little boost toward $500, but let's be honest, this has been a stock that's already been on the move."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Joe Terranova is long SBUX; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long LTD; Joe Terranova is long CAT; Simon Baker is long AAPL ; Simon Baker is long BAC; Simon Baker is long GS; Simon Baker is long CSCO; Simon Baker is long SBUX; Simon Baker is long ORCL; Simon Baker is long DAL; Simon Baker is long P; Simon Baker is long F; Simon Baker is long GOOG; Stephen Weiss is long C; Stephen Weiss is long AAMRQ; Stephen Weiss is long DAL; Stephen Weiss is long BAC; Stephen Weiss is long M; Stephen Weiss is long QCOM; Stephen Weiss is short JCP; Stephen Weiss is short CAT; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MRK; Pete Najarian is long DAL; Pete Najarian is long F; Pete Najarian is long BMY; Pete Najarian is long NSC; Pete Najarian is long COP; Pete Najarian is long MU; Pete Najarian is long EMC.