Chris Verrone of Strategas spoke on CNBC's "Fast Money" about NASDAQ 100 stocks that have done enough on the downside and might be a good buy in this environment.
PayPal PYPL traded 28% lower from its high over the last several weeks. It's right back at the upward sloping 200-day moving average and it never violated its relative performance lows versus the S&P 500, said Verrone. He sees the current price level as a good spot to put on a long position.
Qualcomm QCOM is a fantastic long-term chart, but it moved too far and too fast, explained Verrone. It dropped nearly 30% and it's now trading at the major support, the 200-day moving average.
Workday Inc WDAY is another example of the stock that traded sharply lower, but right back at its major support, said Verrone.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.