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The S&P edged higher Friday with bulls looking to end the session with their third straight week of stock market gains.
However the Fast traders were much more interested in tech; especially after Brocadetopped estimates and forecast second-quarter profit above expectations.The results were particularly noteworthy because Brocade competes with Cisco and other network equipment makers; and as you may remember Cisco shocked tech investors with low margins and a weaker-than-expected outlook, when it reported last week.Lately, valuations in tech have been called into question, in part because chip stocks have been on fire since December and also because the tech heavy Nasdaq is flirting with its highest level in 10 years.Is it a sign of the top? Or does tech have room to run?
Instant Insights with the Fast Money tradersJoe Terranova believes technology will end 2011 as the big winner; he's bullish. He likes betting on a few fundamental themes. One of them is content delivery. “You used to have to go get the content but now it comes to you,” he says. “Play that long Aruba.
Also he suggests gaming tech with companies that benefit from smart phone and tablet growth; “names such as Broadcom and Qualcomm ,” he addsAnd as a software play he recommends Success Factors .
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