According to Oppenheimer research it’s a buying opportunity …..wait for it…..that’s right, of a lifetime. Certainly, FB, NFLX, GOOG, TSLA, etc….have sold of significantly over the last few weeks. But, does that make them a buy? No, not by a long shot. The question Breakout poses is idiotic in nature to begin with. These stocks sold of for two weeks and that should make them an immediate buy? I don’t think so. Not when we are staring at a prolonged bear market of 2014-2017, as per our mathematical and timing work. In fact, from the fundamental perspective (not technical) the stocks above will become a buy only when the life is crushed out of them to the tune of 50-70% from today’s prices. Until that happens, don’t cut yourself with a falling knife.

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The Fab Five, as my colleague Phil Pearlman calls them,have been more like the ‘Filthy Five’ for investors. Netflix (NFLX), Facebook (FB), Tesla (TSLA), Priceline (PCLN) and Google (GOOG) have been shellacked in the past month, with some in fact entering bear markets (down over 20%).

While these momentum tech names recovered slightly yesterday, investors are rightfully concerned about jumping back in. Oppenheimer research on the other hand is seeing a buying opportunity, one that some market strategists would liken to catching a falling knife. Peter Kenny, longtime strategist and now CEO atClearpool Group, has words of caution for those looking to for some tech mojo.

“I’m not catching the falling knife,” he says, and it’s not because of a valuation concerned, but more because he’d “like to see some sort of a floor put in before putting money to work.”

A floor could be forming, however, at least when looking at the technicals. Oppenheimer’s Ari Wald points out that from a technical standpoint, tech is oversold and is currently in an uptrend versus the S&P 500, among other things.

Despite what Oppenheimer technicians are saying, Kenny believes the way to play these names is follow the momentum. “You play them on the herd, you let the herd dictate the direction of the stock.“ The momentum names are going to find a level, he says, and that level is going to “become relatively attractive in short order because they move so quickly.”