I mentioned Diamondback Energy (FANG) - Get Diamondback Energy, Inc. Report in Monday's Recon note. But let's discuss the other, more well-known FANG.

I have not been big on the FANG names of late. I used to play them all the time, particularly around earnings season. Amazon (AMZN) - Get Amazon.com, Inc. Report is the only name of the four that I have stayed in straight through. Obviously that stock has been good to me. I have not played Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report nearly as well, recently covering my short position when the stock hit my panic point. That's what panic points are for -- and are identified simply as a way to enforce personal discipline.

I am not a fan of Facebook (FB) - Get Facebook, Inc. Class A Report or its CEO, and have never more than rented that name on either side around news events.

That leaves Alphabet (GOOGL) - Get Alphabet Inc. Class A Report . I am flat this name, but have been long more often than not over the past few years. I got rid of this one when I lost faith back in March. If I was going to buy it back, however, it sure looks like I probably have missed anything close to the bottom.

Last week, Alphabet hosted it's I/O developers' conference. It's artificial intelligence technology was obviously showcased, but it was Waymo that stole the show. Particularly, it was UBS that touted Google's progress on its autonomous vehicle.

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UBS estimates that Waymo could provide $114 billion in revenue to Alphabet by 2030. UBS also places an optimal long-term valuation of Waymo within Alphabet at $135 billion. This is considerably higher than valuations placed on Waymo previously by Morgan Stanley, and Jefferies.

UBS also gave positive nods in the autonomous vehicle space to Nvidia (NVDA) - Get NVIDIA Corporation Report and Intel (INTC) - Get Intel Corporation (INTC) Report on the semi-conductor side of this growing business.

Do I Get Long Google Now?

I think I do, but as always, carefully. News broke last week that Amazon had halted the purchase of high revenue advertising space on Google search results. Alphabet's stock did not even skip a beat. I would have liked to have seen some scattered weakness on this news, and I spent almost the entire day Monday bidding for these shares below the market, without ever really coming that close to buying any.

I would love to get a second swing at a fat pitch below the $1,060 level. That's not likely to happen. I would surely get a little aggressive around $1,080. I will probably wet the beak just below $1,100 just to make sure that I get involved.

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At the time of publication Guilfoyle was long AMZN, INTC, NVDA equity.

Action Alerts PLUS, which Jim Cramer manages as a charitable trust, is long AMZN, FB, NVDA and GOOGL.