Nasdaq 100 tries to break losing streak, and traders look for stocks to buy at a discount
The Nasdaq 100 has been seeing red.
The tech-heavy index was in the green in Wednesday's premarket after falling for six straight days. At Tuesday's close, it was down 4% in the past week as rising rates made high-growth stocks less attractive to investors. Some of the hardest hit include high-flying names including Peloton, Zoom, Nvidia and Tesla.
"There's no doubt right now with interest rates going up, talk of inflation, a lot of these high-momentum, high-valuation plays are starting to fade. But look, it's also a buying opportunity, because, for us, we love growth, but price matters," Strategic Wealth Partners CEO Mark Tepper told CNBC's "Trading Nation" on Tuesday.
Tepper owns Peloton and Nvidia shares, and says it may make sense to add to both positions on this pullback.
"I love both companies. I would be putting new money to work right there, right now. We were severely overweight Nvidia, we trimmed it a month or two ago. We're still overweight, though, because we do believe in them, and that was purely a risk management move for us. … Maybe you get an opportunity if it drops another 10% to get in," Tepper said.
Peloton fell 9% in just two days; Nvidia was down 5% over that stretch. Both stocks were up in Wednesday's premarket.
Todd Gordon, founder of TradingAnalysis.com, prefers a different stock hit hard over the latest sell-off.
"Tesla's the only one that I'd be looking to add. The support from a technical point of view is down around $600," Gordon said during the same segment.
Gordon noted that any synergy between Tesla CEO Elon Musk's private space exploration company SpaceX could open unlimited potential for the carmaker. He said that global satellite coverage could connect Tesla's fleet and bolster artificial intelligence possibilities. The stock was up more than 3% in Wednesday's premarket.
Disclosure: Strategic Wealth Partners holds NVDA, PTON. Gordon holds TSLA.
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