“I wouldn’t buy them (FANG stocks) today. I would buy them on a correction,” said Paul Meeks of investment firm Sloy, Dahl & Holst. A correction marks a 10 percent pullback from 52-week highs. “They will have a slip up at some point and these stocks won’t go down 2 percent, they’ll go down 20 percent because they’re volatile tech names and that’s your buying opportunity.”
Technology could get a much-needed boost when Apple reports their earnings on Tuesday. Analysts polled by FactSet expect Apple to post $61.14 billion (up 15% annually) of revenue and a GAAP EPS figure of $2.16 in a season which has historically been the company’s weakest.
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