The Federal Open Market Committee meets on September 16th and 17th. Most analysts anticipate that the FED will raise interest rates at least a quarter point (25 basis points). The recent market turmoil in China has thrown them a curve ball, but most investors still expect rates to go up at least 1/4 point (25 basis points) in September. This will the first rate increase in nearly 10 years, with the last occurring in June of 2006!

I have predicted that the FED would not be able to raise rates as soon or as sharply as most people were expecting. This has proven to be true, with a series of pushbacks on the expected date for rates to go up. They are now looking for the Chinese markets to stabilize before the meeting, but I think this is just a convenient excuse for not raising rates. Sure, the slowdown in China is very real, but the true reason they may pass on raising rates in September is that the U.S. recovery is not nearly as robust as most investors believe. I believe that the stock market, bond market and real estate market can not handle much of rate increase. They have been pumped up on artificially low rates and FED stimulus. Take those things away and the current valuations don’t quite add up. The World Bank today commented that a FED rate rise would cause panic and turmoil in the markets.

As an investor in technology stocks, I think we are being given a pretty decent buying opportunity at the moment. If I am correct and the FED fails to raise rates in September, the most likely outcome is an immediate rally in equities. The markets have priced in a rate increase, so if it doesn’t happen, watch for a nice move higher. Technology stocks that have been beaten down over the past few weeks are likely to bounce very strongly.

The market turned higher today with the major indices up 2.5% or more. However, volume was weak and there are plenty of signs that the worst of the correction is not over. The DOW is still in a technical correction, down 10% from its recent high. The major indices also remain below their respective 200-day averages.

Are the waters safe again? Probably not.

While I expect a FED-induced rally in the near term, I believe it will prove short-lived. The underlying message will slowly seep into the collective investor psyche… the markets are not strong enough for the FED to raise rates even by a minimal amount (50 basis points or more). And emerging market pressures are likely to continue, as the slowdown in China impacts everyone. In addition, the diminishing return of central bank stimulus is likely to come increasingly into focus over the next 12 months.

I believe there is a reckoning still coming to global equity markets that are overvalued and over-leveraged. With the end to QE, a rate hike looming, devastation to the energy sector, low labor force participation, little wage growth and slowing global manufacturing activity, there isn’t much left to keep prices moving higher. Corporations can continue buying back shares as a means of moving the needle, but that is money that could have been invested in sustainable long-term growth programs. Instead, the focus is all on short-term profitability and shareholder return.

Despite all of the above doom and gloom, and maybe I do read too much ZeroHedge, I think tech stocks could be a great buy right now. I believe we are likely to see bargain hunting on the current dip and a FED decision that pleases the markets in the near term. As a contrarian, I also have to consider that we may even get an announcement of new stimulus in one form or another, to protect the U.S. stock market from getting dragged down with China, Brazil and others.

Accordingly, I plan to buy shares of a few of my favorite tech stocks this week, in anticipation of a short-term rally in equities. If we can get another move higher tomorrow, that will be the green light that I need to buy. Here are the three technology stocks that I think can provide nice short-term returns for investors:

#1 Fortinet (NASDAQ: FTNT) – Cybersecurity demand is growing rapidly and Fortinet has some of the best technology in the business. Shares are down 10% from their August highs and I believe this is an excellent buying opportunity. Analysts have an average price target in the short term of $50, which represents upside of 16%.

#2 Neonode (NASDAQ: NEON) – The company develops and licenses the next generation of MultiSensing touch technologies. They posted a 221% increase in revenues, expanding margins and should be approaching profitability within the next few quarters. During the past week they signed a new agreement with a Japanese OEM printer company. The technology is leading in their sector and will only get better.

The share price advanced 9.5% today on more than double average volume. It the share price climbs back to the 2015 high, it would return investors 57% from today’s closing price.

#3 GW Pharmaceuticals (NASDAQ: GWPH) – Medical marijuana is effective in treating a wide array of different ailments. GW Pharmaceuticals is the first mover in this space and has developed a portfolio of cannabinoid medicines, including Sativex for the treatment of multiple sclerosis spasticity and cancer pain, and Epidiolex for the treatment of childhood epilepsy. The Company also engaged in developing cannabinoids, medicines containing controlled substances, as well as plant-based prescription pharmaceutical products. Sativex is approved in 27 countries and is also in Phase III clinical development for the treatment of cancer pain, the indication for the United States market.

The stock is down 18% from its Summer high, but there is support at the $100 price level, where it recently bounced. A quick move back to $129 would represent 22% upside from today’s closing price.

I view these as short-term profit opportunities, but if you don’t buy my argument for a much deeper correction in stocks, you may like them as long-term investments.

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