Oversold Opportunities in Tech and Mining Stocks


When you take a look at what is oversold in the market, there comes a point when people seem to say enough is enough.

Fast Money's Pete Najarian appeared on Closing Bell to share some of the value plays he currently sees stemming from oversold conditions.

Take a look at the price of Gold , it's off about 10% year-to-date and the S&P 500 down around 30%. Compare that to the gold miners themselves, through the GDX Gold Mining ETF , off about 60% over the same time period. The GDX makes for a great example of an oversold opportunity.

Najarian finds the GDX very interesting at right around the $17 level.

When it comes to oversold tech stocks, Pete looks to names like Apple at around $90 and Microsoft at $21 as levels where institutional investors seem to step back in.

This same type of "stepping back in" can be seen when looking at the CBOE Volatility Index itself. When the VIX goes over 80%, that brings people out from the sidelines and more willing to take some risk based on that extremely high volatility.

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Trader disclosure: On Oct. 27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU)(BTU)(C)(GS)(INTC)(MSFT)(NUE) -- Macke Owns (MCD)(WMT)(MSFT)(SDS)(UUP) -- Pete Najarian Owns (INTC) And Is Short (INTC) Calls, (MGM) And Is Short (MGM) Calls, (MS) Put Spread -- Jon Najarian Owns (UBS)(FCX) Calls, (SU) Calls -- Finerman's Firm Is Short (IYR)(IJR)(MDY)(SPY)(IWM)(BBT)(COF) -- Finerman Owns (GS) -- Finerman's Firm Owns (JNJ)(MRK)(MSFT)(SUN) -- Finerman's Firm Is Short (USO) -- Gartman Owns (FXE) And Is Short (FXY) -- CIBC Gartman Index Is Long The Australian Dollar And Is Short The Euro -- Pado does not have disclosures on: S&P 500, RTH, QQQQ, GS