NEW YORK (TheStreet) --Since President-elect Donald Trump was voted into office on Tuesday, the markets have surged higher. The S&P 500 has closed in the green every day since the election, while the Dow Jones has eclipsed closing highs this week as well.
One sector, however, failing to participate in the rally is technology. Despite their lackluster performance this week, LPL Financial still maintains a bullish outlook on tech stocks.
Sector rotation is currently at play, fears regarding trade tariffs and globalization are causing short-term losses, the current tech sell-off is a buying opportunity and tech remains the preferred sector, according to the firm.
"I think one thing to consider here is that tech has been a really big outperformer since May, so some of this is just profit taking. We're urging our clients to sit back and take a longer-term view here," LPL Financial chief economic strategist John Canally said on CNBC's "Squawk Alley" today.
He sees tech being a beneficiary of two key results of a Donald Trump administration, infrastructure spending and stronger financial institutions.
"Most of everything these days that's done whether it's industrial or manufacturing, involves technology. I think the sector benefiting the most right now is financials. Financials is the number one spender on tech so that it will benefit there as well," Canally explained.