SAN FRANCISCO -- Considering it was trading in the 50s last month, PC heavyweight Dell (DELL) - Get Report looks like a bargain today in the 30s, right? After all, when do you have a chance to get a technology bellwether at a discount?

But at least one technical analyst is advising investors to stay away. Robert Dickey, director of technical research with

Dain Rauscher Wessels

, says there are fundamental reasons that stocks such as Dell and other PC and software makers are faltering, and those problems don't get corrected in a day or two.

"It is a stock picker's market and the way you pick them is by avoiding problems," Dickey said. "Everyone's expecting these things to turn on a dime, but they aren't, so quit trying to pick a bottom."

Dickey says there are a number of stocks he favors even when the tech sector is correcting; he is high on the telecommunication stocks. Among the stocks he likes are

Microsoft

(MSFT) - Get Report

,

Motorola

(MOT)

,

Intel

(INTC) - Get Report

,

Cisco

(CSCO) - Get Report

,

ADC Telecommunications

(ADCT) - Get Report

and

Tellabs

(TLAB)

.

Dickey also is high on Internet stocks for the near term, saying they will have a week or two of momentum.

"I don't know if it's the last run, but it is a run," he said on a day on which Net stocks are flying. "They're great speculative buys right now."

Among his favorite Net plays are

America Online

(AOL)

,

USWeb

(USWB)

,

CNet

(CNET) - Get Report

and

eBay

(EBAY) - Get Report

.

Dickey said investor confidence is starting to build again following the

Dow's

disappointing inability to close above 10,000.

Brokerages Ride Morgan Stanley

Online brokerage firms are rallying behind a strong earnings report from

Morgan Stanley Dean Witter

(MWD)

. Morgan Stanley posted first-quarter earnings of $1.76 a share, far exceeding the

First Call

12-analyst estimate of $1.34 and the year-ago $1.10.

Among the online brokerages,

E*Trade

(EGRP)

was up 3 9/16, or 7%, at 56 1/2 and

Ameritrade

(AMTD) - Get Report

was up 3 1/2, or 7%, at 55 1/2.

Exodus Makes the Upgrade

Internet stocks are among the day's winners, with

Exodus Communications

(EXDS)

one of the top performers. The Web services company was upgraded to strong buy from buy at

Hambrecht & Quist

, while

ING Baring Furman Selz

initiated coverage of the stock with a buy rating and a 175 price target in the next nine months. Exodus was up 13 1/4, or 11%, at 135.