Steady Trader Think's There's A Bounce To Be Had In Wal-Mart

Serge Berger is the Head Trader & Investment Strategist for The Steady Trader. The trading pro has been an active trader since 1998 and discussed

following an upgrade to Strong Buy from Outperform (with an $86 price target) by Budd Bugatch of Raymond James. "I'm just waiting for a bullish reversal," Berger started off the conversation. "I really, really, really, really want to buy Wal-Mart and I think there is a really good bounce to be had here." Berger continued that shares of Wal-Mart have dipped about 20 percent from its January highs to current levels. He added that "any other stock that would have been a 40 percent move" and at this point shares are so "over extended" and could offer an attractive five to 10 percent return in the short-term. As such, the trading pro stated that the trade "doesn't look so bad anymore." Bugatch's

within his upgrade report appear to echo Berger's thoughts. The analyst stated that the risk to reward profile "strongly favors reward over incremental price risk, given that most, if not all, of the bad news seems known and priced into its current price." Nevertheless, shares of Wal-Mart were somewhat muted during Monday's trading session. Elconin

that the upgraded instigated a higher open, "but that was it" as shares peaked at $73.49 before giving back all of its gains for the day.