MARKETS: Bears stay alive another day, but bulls still in control — YF Premium goes long Western Digital (WDC)
The Nasdaq Composite outperforms today, finishing up 1.13%, with the Dow up 133.33 points. Yahoo Finance's Jared Blikre joins Jen Rogers to break down the day's price action as well as a long in Western Digital, a YF Premium Investment Idea.
Video Transcript
JEN ROGERS: Overall today, stocks rising for the second day, outperformance by the tech names. Jared Blikre has been taking a closer look at some of the charts for us. Jared.
JARED BLIKRE: Yeah, I was just looking at the S&P 500 and specifically the futures here. And we can see that into the close, we had a pretty strong downdraft here. Here we go. And there it is. And we're continuing after the 430 reopen to sell off. We do close for an hour at 5:00 PM, so we'll have to see what the next day brings.
But interestingly, we did have a sell off from a critical level here. A lot of traders were saying this is the last hold out for the bears to assert control. So they bought themselves another day. I do want to take a look at a premium idea, and this is Western Digital. And if we take a look at a longer term chart, and here's a year-to-date, we have Argus Research coming out with a bullish target of $62. That would take it all the way up here if we can get to that level.
If you're looking at places to stop, I would do so probably at $35. Or if you want to be a little bit more conservative, you have to go down to about $27, $28. This is a longer-term call. And you probably want to give it a little bit of room to work. But that is a Yahoo Finance Premium idea. And you can sign up on our website to get a 14-day free trial.
