The world certainly looks a lot different this afternoon than it did at the stock market open, when it seemed as if the world was ending. I kept seeing tweets saying that it felt like March all over again. The catalyst was the overnight news of a large Portuguese lender being in trouble.
So, what does this news -- and the market's recovery throughout the day -- mean for investing in tech? If there's one thing we learned in January and March, it's this: The market loves to find a convenient excuse to go down when it's ready to go down.
Ukraine, Crimea, Gaza, Putin, a Portuguese lender -- are these the real reasons for stocks to drop? It's more likely that the market has gone six straight quarters in an upwards direction above the 200-day moving average. And it's still up.
The swoons in biotech and momentum tech stocks are now behind us. Most of those names have recovered, although many are still well below their March highs. None of these big macro factors should affect U.S. technology stocks, but, of course, they do.
It's still too early to say whether this headline worry out of Portugal morphs into some larger story that continues to hang over the market. But I'm using this flash moment to make a list of the most interesting tech names that perhaps are near a short-term low and could rally in coming weeks if we cease to hear a drumbeat of negative news; they don't even need positive news to go up.
GT Advanced Technologies (GTAT) is on the list on downgrades received earlier in the week and on the froth in the stock. I am expecting a lot of positive news about it likely supplying sapphire covers for Apple's (AAPL) iPhone 6.
Micron (MU) is here even though its stock price isn't that far down from recent highs. It continues to display a lot of strength in its core DRAM business.
No one is talking about Yahoo! (YHOO) much anymore, just when Alibaba Group's roadshow is going to kick into high gear ahead of a likely August initial public offering. It seems to me like a great time to add to my position.
I'm less interested in Apple, which is close to an all-time high and has made a tremendous move since April after being ignored for most of 2014. Even with the excitement around the iPhone 6 and a potential new iWatch, the stock seems short-term overbought.
Make a list of the tech names that are less frothy but have a solid story behind them. To me, if there's any anxiety around Portugal that lingers for weeks, it's a great pause to add to solid stories.