The logos of Amazon, Apple, Facebook and Google in a combination photo.
After the Nasdaq shakeout, the market appears to be entering a positive period, and big cap tech has gotten cheap enough to buy, according to Julian Emanuel, head of equity and derivatives strategy at BTIG.
Emanuel said big cap tech growth stocks, like FANG (Facebook, Alphabet, Netflix, Google-parent Alphabet), have been beaten up enough after losing ground in the tech correction, as Nasdaq fell more than 10% in a matter of weeks. The S&P 500 lost just under 6% in the same time.
“We just think you’re in a period where the market could really just be looking at glass half full situation with regard to the Nasdaq – and financials, and energy and industrials, everything that has been working,” said Emanuel. “I think the next month or two could be quite positive for markets. Assuming that yields behave as they did for the last week.”