Traders weigh chasing rally in tech stocks as sector gains 1%

The " Fast Money " traders debated whether the technology rally still has legs as a key sector ETF (NYSE Arca: XLK) gained nearly 1 percent on Monday.

Trader Guy Adami said it might be too late to catch the rally in some technology stocks, but there's still upside left for a company like Microsoft (NASDAQ: MSFT).

Trader Tim Seymour said he likes Google's parent company Alphabet (NASDAQ: GOOGL). He said some businesses in Alphabet have not yet been monetized.

Trader Karen Finerman agreed and said Alphabet's valuation is "very good" at the moment. The company's class A shares had a price-to-earnings ratio of about 32 on a trailing 12-month basis.

Disclosures:

TIM SEYMOUR

Tim Seymour is long ABX, APC, AVP, BAC, BBRY, CLF, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, T, TWTR, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM.

KAREN FINERMAN

Karen Finerman is long AAL, BAC, C, DAL, long DB calls, FB, FL, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI. Her firm is short IWM, MDY. Finerman is on the board of GrafTech International.

DAN NATHAN

Dan Nathan is TWTR long, XHB long Jan put spread, XLU long Dec call Spread, XLK long Jan put spread, XRT long Jan put spread, PG long Dec put spread, EEM long Nov put spread.

GUY ADAMI

Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.

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