Now what the trading strategy?
Steve Cortes, President Of Veracruz says he’s betting against tech as a sector. “I believe the recent period of outperformance is coming to an end for two reasons. 1) Tech is a cyclical business that’s dependent on the business cycle and 2) tech is dependent on consumer spending," he says on Fast Money.
And what's the play?
"I'm selling tech and buying S&P against it," he says. Also he says, "I'm looking at quality financials such as Goldman and Morgan against tech shorts."
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Trader disclosure: On Feb. 26th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (EEM), (MON), (BAC), (FXI), (VIP); Seymour's Firm Owns (COP), (FCX), (RIO); Terranova Owns (OTS), (FXC), (XBI), (BRCM), (WYNN), (INTC), (DELL), (JOYG); Terranova Owns (IBM) Call Spread; Terranova Owns (AMGN) & (AMGN) Puts; Macke Owns (MS), (TM), (SDS), (AAPL); Finerman's Firm Owns (DNA), (MSFT), (RIG); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (VNO), (BBT); Finerman's Firm Owns (WFC) Preferred, (BAC) Preferred
Cortes Is Short Nasdaq
Cortes Owns (XLE), (GS), (MS)