Can Apple Save Tech

If the stock market was a reality show then Heidi Klum would be telling the tech team that they didn’t win immunity after all. She might even “Auf Wiedersehen” these stocks from her portfolio.

After touting themselves as all but recession proof, Google finally admitted in their latest earnings report that the economic slowdown had hurt their business.

Their weak second quarter results sent the stock under $500 for the first time in three months.

Also, less that stellar earnings from Microsoft dragged down the House of Gates. Lehman cut its price target on Mr. Softee to $32 from $34, but maintained its equal-weight rating on the Dow component.

"We believe peaking product cycles such as Office 2007 and Windows Vista, ( as well as) uncertainties surrounding Yahoo will remain an impediment to material multiple expansion in the near term," the firm wrote.

Despite the negative earnings news so far, next week's numbers might not be so bad.

I see hedging in the Quad Q into September,” says Jon Najarian on Fast Money. Jon believes the action could be decidedly bullish for tech, overall.

"That suggests to me that tech investors who needed to cover already have," says Najarian. As a result, I’m not looking for extraordinary moves to the downside. I think Friday’s slide in tech could be it!”

Also I’d look at SanDisk, says Najarian. We need more and more storage and that’s what they do. I love this stock at $17.

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Trader disclosure: On July 18, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVID), (MSFT), (GS), (WMT), (HAS); Pete Najarian Owns (AAPL), (CHK), (TSO), (XLF); Pete Najarian Owns (CSCO) Calls, (MRK) Calls, ; Pete Najarian Owns A (YHOO) Call Spread; Finerman Owns (GS); Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns (MCC), (MSFT), (SUN), (TSO), (VLO), (MCC); Finerman's Firm And Finerman Own (C), (C) Leap; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (VLO), (RIMM), (INTC), (YHOO), (GOOG), (CME), (FCX), (BNI), (XLF), (IYT), (SU), (SA); Terranova Is Short September Crude Oil $130 Puts; Terranova Is Short September Crude Oil $130 Calls; Terranova Is Long September Crude Oil $154 Calls

Terranova Is Phoenix Investment Partners' Chief Alternatives Strategist And Co-Manages The Phoneix Diversifier Fund; Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX), (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), (DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT), (ESS), (OIIM), (BIG), (ENG), (PFD), (DRH); Phoenix Diversifier Fund Owns (IGE), (DBC), (DBV), (GOOG)

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Jon Najarian Owns (AAPL) Call Spreads, (YHOO) Call Spreads, (MSFT) Call Spreads, (INTC) Call Spreads, (SNDK) Call Spreads, (RIMM) Call Spreads