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'Fast Money' Recap: How to Play Tech Now

NEW YORK ( TheStreet) -- Stocks failed to recover from the day's losses by the close Wednesday as tech weakness kept the Nasdaq in negative territory.

The Dow Jones Industrial Average finished 4 points higher, or 0.03%, at 12,107, after losing 104 points at the session's low. The index gained 337s point in the previous session. The S&P 500 crept up 2 points, or 0.2%, to 1244 after sinking throughout much of the session.

The Fast Money gang debates: Should Oracle (ORCL - Get Report) have taken down tech stocks? Oracle's big earnings miss and weak outlook was the story on Wednesday, even with a minor recovery in its shares off a low at the end of the session. It was no surprise after the poor results and outlook provided in Tuesday's after-hours session; Oracle hit its August low during the Wednesday session.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Everyone is shooting first and asking questions later in tech stocks.

Guy Adami says that action means Oracle is a screaming buy, but Steve Grasso adds that you don't want to be the one to catch a falling knife: Wait three days and watch the price action. You can buy 25% of your position now, but don't rush in to Oracle.

Stephen Weiss of Shorthill Capital says the derivative trade off the Oracle action is a tech stock like Qualcomm (QCOM), which was taken down by Oracle but didn't deserve it. It took down IBM (IBM), too. "That's where I put my money before Oracle," Weiss said.

Ron Insana says it's overdone in terms of the Oracle reaction and Oracle has quadrupled over the past few years and so this reaction is something that was in store for the stock. "I wouldn't get overly worried," Insana said.

The cloud stocks also saw carnage, with (CRM) hitting a 52-week low, and VMware (VMW), Citrix (CTXS) and Red Hat (RHT) all hit hard. Adami says not to rush into, even after hitting a 52-week low, because its multiple finally has caught up with it.
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