Friday could be a massive day for tech stocks. Apple, which makes up more than 10 percent of the Nasdaq 100 index, is officially releasing its iPhone 6. And shares of Chinese e-commerce company Alibaba will begin trading in what will likely be the world’s largest-ever initial public offering.
Although technician Louise Yamada isn’t looking to buy shares of Alibaba, she does think that the good times are likely to continue for the Nasdaq and tech stocks more specifically.
“I think we’ve been in a strong uptrend across all markets, particularly in technology,” Yamada said Thursday on CNBC’s “Futures Now.” “We saw a multiyear breakout in the NDX [more commonly known as the Nasdaq 100 index] in 2011 through an 11-year base.”
That’s highly significant, the technician said.
“Remember the peak in 2000 to the drop in 2002? The bigger the drop, the longer the need for repair, and I think you can qualify 11 years as a repair.”
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To further make her point, Yamada furnished a long-term chart of the Nasdaq 100 versus a set of global equities.