After the Nasdaq (NASDAQ: .NDX) hit a record intraday high on Friday , the "Fast Money" traders said the technology sector is the safest area to trade in for investors who want to avoid relying on President Donald Trump's policies to push their portfolio higher.
Trader Guy Adami said he likes Netflix (NASDAQ: NFLX) because the company's stock will continue to go higher and the online streaming company may be bought out by a company like Disney (NYSE: DIS). Shares of Netflix are up 17 percent year to date.
Trader Steve Grasso agreed and said he expects Netflix to be taken over, too. He said investors are looking for safe, growth names in the changing political and economic environment and technology stocks fit the bill.
Trader Tim Seymour said he likes Alphabet (NASDAQ: GOOGL). He said the Google parent is a giant in a sector that is the least sensitive to shifting interest rates and other external forces. Seymour said Google's stock provides the best ratio of reward over risk and potential growth.
Trader David Seaburg said he believes Facebook (NASDAQ: FB) will continue to grow its user base and the company's high engagement on multiple channels will continue to work in its favor.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
Steve Grasso's firm is long OAN, APC, CUBA, DIA, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, RIG, SNAP, SPY, SQBG, TITXF, VRX, WDR, WPX, ZNGA. GRASSO IS LONG: CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, QCOM, SPY, T, TWTR. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. NO SHORTS.
"Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore"
Tim Seymour is long ABX, AAPL, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA,
SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X,
YHOO, short EWG, HYG, IWM
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