This post is part of a special report, Global advisors look to China.

"Asian markets now trade at valuations below those of other recession periods, yet investors remain extremely negative and unwilling to buy growth," says Asian stock specialist Yiannis Mostrous.

The editor of The Silk Road Investor explains, "This combination will allow prudent bargain-hunters to position themselves for the next cycle." Here, he looks at one Asian favorite -- Taiwan Semiconductor (NYSE: TSM).

At roughly 7:30 AM EST, National Semiconductor (NYSE: NSM) released its third-quarter earnings report. The semiconductor company announced earnings of 9 cents per diluted share -- down from 16 cents per share in the second quarter.

In last year's third quarter, NSM reported earnings per diluted share of 29 cents per share. According to MarketWatch, the Street expected NSM to post a loss of 5 cents per share. Quarterly revenue dropped to $292 million, short of the consensus estimate of $296.8 million.

With concerns over recession, turmoil in the financial sector, fear of rising rates, high market volatility and a rising aversion to risk, many investors have been avoiding technology stocks.

Investors have feared that these economic headwinds will dampen both consumer spending for technology products and reduced capital expenditures for technology in the corporate sector.

Despite these concerns, some of the newsletter industry's leading advisors are looking beyond the current malaise and seeing longer-term value in some of the tech sector's leading players. They believe that much of the "bad news" is already reflected in the price of the shares, with little recognition being given to their longer-term potential.

For those willing to go against the crowd and buy, as they say, "while blood is running in the street," we offer a six-pack of technology stocks that the some top advisors considers to be among their favorite ideas.

You are supposed to be able to own tech right up until the last week of this month. At least that's when the big institutions like to hold on until, with the last holdouts keeping the big techs on the sheets until the Goldman Sachs (NYSE: GS) (Cramer's Take) tech conference in February.

But the big downgrade of the semis such as National Semi (NYSE: NSM) (Cramer's Take), Texas Instruments (NYSE: TXN) (Cramer's Take) and AMD (NYSE: AMD) (Cramer's Take) -- insult to injury there for all of you year-end tax-loss buyers -- by Bank of America smacks of gun-jumping: legal gun-jumping to get out of a group before a consumer-led slowdown.

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

Tessera Technologies (NASDAQ: TSRA) is a favorite speculative idea for 2007 from Jim Oberweis, editor of The Oberweis Report. The small-cap growth advisor explains, "We screen for companies that are delivering accelerating earnings and sales growth rates -- and ideally those that are not widely followed by Wall Street.

"Tessera develops semiconductor packaging technology that allows semiconductor manufacturers to miniaturize the chip and to improve performance. The San Jose, California, company has signed license agreements with manufacturers representing 80% of the worldwide dynamic random access memory (DRAM) market, including Micron Technology and Samsung Electronics.

"DRAM in personal computers is shifting to DDR2 DRAM, which utilizes TSRA's packaging technology, and DDR2 is expected to represent roughly 75% of DRAM shipments in 2007. TSRA receives a per unit royalty for each DDR2 DRAM shipped by their licensees.

"For the quarter ended September 30, 2006, Tessera posted an 841% jump in earnings per share on a 460% rise in revenue. I believe that Wall Street's consensus estimate for revenue ($198.8MM) and earnings per share ($1.08) for 2007 are too low. Lower litigation expenses in 2007 as patent litigation subsides should drive operating margin expansion as well."