Why Disney Might Be 'A Good Buying Opportunity'
The specialist said, “With Disney, it’s such a nice, healthy trend. It’s just crushing, making higher, higher.”
He continued, “I personally think it’s going to (…) distribute; so, there is going to be some selling pressure around $108, $109, and we are going to pause up there. I don’t think we’ll break $109 for probably a few weeks, maybe a month.”
Newsome then went into its earnings, scheduled for May 5.
“If we just kill out here, until earnings, we are getting a nice gap on Disney. Absolutely," he said. "I think Disney is a good buying opportunity for a short time period, maybe up until Star Wars.”
However, the trader warned about the stock probably getting too high, “too parabolic,” around the Star Wars movie release.
Shares of Disney traded recently at $108.25, up 1.4 percent.
Listen to the full interview below:
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