Time to Get Into Tech Amid Sell-Off?

Tech stocks offered lots of upside until July, but to say they're getting killed today would be an understatement. Netflix is down 24 percent from its peak in July while while Apple and Amazon.com are also down more 11 percent from their 52-week highs.

So is tech trash or treasure?

There are some treasures in there, Kanundrum Capital's Brian Kelly said. He likes Apple , Qualcomm and Amazon , but offered one caveat.

"The problem you have is this freight train of a market that just keeps going lower," he said. "There will be a time a time to pick these up. I do not think it's today."

RiverTwice Research's Zachary Karabell agreed that the decline in tech stocks has nothing to do with fundamentals.

"This is simply a market sell-off that is irrespective of fundamentals," Karabell said, adding that if he liked a stock 15 percent ago, he is still going to like it today because fundamentally, nothing has changed in the past few weeks. To get in, he recommends investors use call options .

The sentiment was echoed by Stuart Frankel's Steve Grasso.

"I will remind the retail investor, 70 percent of all stocks go with the overall momentum," he said. "If you believe the overall momentum is still going lower, don't be buying anything unless it's a longer term position and you're adding to your price."

Grasso thinks Advanced Micro Devices and Micron Technology shares in particular were unfairly punished. He remains long AMD and is bullish on Apple.

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Trader disclosure: On Aug 8, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell own (AAPL); Karabell owns (GOOG); Karabell owns (GS); Karabell owns (GE); Terranova owns (VRTS); Terranova owns (LQD); Terranova owns (IBM); Terranova owns (FCX); Terranova owns (CVI); Terranova owns (AAPL); Terranova owns (GS); Terranova owns (GOOG); Terranova owns (XOM)

For Zach Karabell
Rivertwice Capital & Karabell owns (IBM)
Rivertwice Capital is short (XLF)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of Building Materials Holdings
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)|
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (RLI)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
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Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of Domino's Pizza UK & IRL PLC

For Brian Kelly
Accounts Managed By Brian Kelly Capital Own (TLT) calls
Accounts Managed By Brian Kelly Capital Own (GLD) calls
Accounts Managed By Brian Kelly Capital Own (SLV) calls
Accounts Managed By Brian Kelly Capital Own (MUB) puts
Accounts Managed By Brian Kelly Capital Own (SPY) put
Accounts Managed By Brian Kelly Capital are short the Euro
Accounts Managed By Brian Kelly Capital are short the Swiss Franc



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