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What can we say but stand in the way of the bulls and you're going to get run over. Again, the market closed in positive territory with the S&P ending Friday's session with 3 straight weeks of gains. The unstoppable march higher just seems to defy gravity. And now the Nasdaq is within 30 points of hitting fresh 10 year highs.
Will tech lead the next leg of the bull rally? Or is it a sign of the top, that valuations are just way too stretched?
Instant Insights with the Fast Money tradersJoe Terranova is long-term bullish. He believes technology will end 2011 as the big winner and 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 adds.
And as a software play he recommends Success Factors .
If you don’t have a longer-term time horizon, (that is you can’t hold through year’s end) Terranova concedes, “valuations look stretched.” However, he thinks the trade right now is all about momentum and “momentum is to the upside. I’d stay with it and raise my stops,” he counsels.
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