Markets rocketed back to life on Tuesday as any fears over inflation, stock market valuations and the like faded and the buyers returned.

Now, that's not to say that we are out of the woods or that there aren't things that we can glean from the volatility, most notably the true winners and losers.

For software stocks, the volatility of the last few days is a far cry from the meltdown in early 2016 that saw LinkedIn lose 40% of its value and eventually become a takeover target for Microsoft (MSFT)  . LinkedIn shares plummeted then on a surprisingly weak revenue forecast following many quarters of strong earnings for the social network.

While the current broad pullback is modest by comparison, it does highlight the attractive valuations of companies such as Microsoft itself, Adobe Systems Inc. ( ADBE)  , Salesforce.com Inc. ( CRM) , Guidewire ( GWRE)  and ServiceNow Inc. ( NOW)  .

Those software companies are priced at about 15% to 20% below fair value, Morningstar Inc. analyst Rodney Nelson tells our Chris Nolter, compared with a peer group of about 45 software companies. The stocks present appealing opportunities for investors, said the analyst, who did not disclose valuation metrics for each stock. Guidewire, Salesforce and even Adobe could become acquisition targets.

Elsewhere in tech, TheStreet's founder Jim Cramer, explains that the tech stocks such as Skyworks Solutions (SWKS)  and Micron (MU)  continue to look strong and should continue to fair well even amid the volatility. But others may not in a continually uncertain environment.

"Notably the food and drug contingent are still being singed because they tend to get hurt hardest after utilities as their yields can't protect them and they do tend to lag when inflation rages," he writes, adding that the fears that plagued the markets Friday and Monday continue to linger even though some buying windows may have opened and some buyers returned.

This is an excerpt from "In Case You Missed It," a daily newsletter brought to you by TheStreet. Sign up here.

Photo of the day: Cheer up, Bill

Why so glum, Bill? After being passed by Amazon (AMZN) for a brief moment on Tuesday in terms of market value, Microsoft closed Tuesday trading with a $703 billion market cap while Jeff Bezos' e-commerce empire closed with a $685 billion market cap. Gates can smile as his company remained on top of the tech world for another day. Microsoft continues to grow on the back of continued growth in its Azure cloud business. Microsoft is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio. Read the latest from the AAP team

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