MARKETS: YF Premium Investment Idea: Ross Stores (ROST)

Yahoo Finance's Jared Blikre breaks down some of the features of the Yahoo Finance Premium package.

Video Transcript

ADAM SHAPIRO: Jared Blikre rejoins us now at Yahoo Finance to explain why markets are trading higher, and just got to point out ain't nobody mad at that.

JARED BLIKRE: No. No, not at all. Energy is leading the way higher followed by communications services and financials.

Just looking at the YFi Interactive, we can see the Dow up more than 400 or 1.7%. Tech is outperforming. We've got the Nasdaq Composite up 2.2 percent thanks to a lot of help from the chip stocks and Facebook. And S&P 500 up nearly 2%.

We're going to take a look at the price action here, and we can see up, up, and away over the last two days. Pretty interesting. We had that big sell-off into the close yesterday, questioning the results or the possible efficacy of that Moderna vaccine, but brushed that off overnight.

And we are now at the highest point since early March, and we are heading towards that magical 3,000 level where we also have thereabouts the 200-day moving average. So big magnet. See if we can close close to that or at there by the end of the day.

Russell 2000 outperforming, up over 3%. Transports outperforming, up nearly 4%. Chip stocks up nearly 4%. Kind of get the picture here.

So here is the Nasdaq 100. Or actually this is the Dow, so I want to go to the Nasdaq and point out Facebook at a record high. We were talking about that earlier as it gets ready to launch its newest e-commerce platform. Chip stocks leading the way off of Analog Digital's results earlier this morning.

And, well, it's time for a Yahoo Finance Premium idea. So we're going to go back to that, and this is actually a short idea for Ross, Ross Stores. And over the last few weeks we've seen it kind of rebounding but in line with other stocks. So if we can get to it now, here we have the year-to-date chart, and we have a bearish continuation pattern. And we can see this playing out right here, and we have this little wedge. We had a break down, and now we're retesting the area from which we broke down. Hasn't been able to gain steam over the last few days. But the downside target is about $45, and so that is a potential squeeze down of about 50%, Adam.