Yahoo Finance's Myles Udland and Jared Blikre break down the day's market action in stocks and bonds.

Video Transcript

MYLES UDLAND: Jared Blikre joins us now for a look through some of the charts here, Jared, and what you're taking away from today's session, because we did have a real mixed bag. And it becomes harder every day, it seems, to get a handle on what the overall narrative is in this market, just because the moves are kind of all over the place.

JARED BLIKRE: Yeah, we had moves to the downside and the upside today. It was kind of choppy if you just look at the intraday action, but we'll look at the YFi interactive, and there were some positive signs here. A lot of the growth names that were getting hit recently-- this is something pointed out by JC Parets after the close-- really didn't put in new lows today, and that includes also the Russell 2000 and also the transports.

So here's the S&P 500. I want to pull up a longer term chart here. This is a five-year candlestick chart. So we already undercut these lows. These were December of 2018. So we went past those, and now we're looking at a support area that is a breakout right around the election time when President Trump was elected. And that's about 2,130 to 2,140. There's a lot of support in there-- actually all the way down to 2,100-- so basically 100 points below where we closed.

We're going to be taking a look at that. But some big players have come out in the media and said they're buying. Bill Ackman said that he's buying today and also Friday. And I believe David Tepper as well-- he's dipping his toes into tech stocks, although he thinks the S&P 500 could go down another 10%, 15%. And then I'm also hearing from Evraim Roe, I call him the Canadian whale, he's-- I've mentioned his Bitcoin calls before, but he also does stocks. He went into cash in January, sold all his stocks. He's going heavily into equities.

And so if you take a look at some of the individual names, and we can look at the leaders-- and first, we'll start out-- this is going to bring us to a Dow Jones heat map, but we'll go to the leaders-- if you look at tech software, for instance, that's IGV. That's right here. That closed in the green today. And we'll look at a today chart here. And we can see that it closed in the green today despite the overall market being down.



If you look at the stocks, it's the second to the upper right here. That was up 3 and 1/3 percent today-- so chip-makers doing well. And then the Fed is in the market in a big way. We had some-- we had the biggest move in gold. I think was up 5.5%-- since, not coincidentally, 11 years ago almost to the day is when the Fed announced bazooka QE1. We saw a huge move in gold that continued for years. We saw this big drop in the 10-year T-note yield, as we've seen recently and also today as well.

And then the Fed is also-- they're not only going to support the corporate debt market by buying corporate debt directly, they're also going to be buying ETFs. And I think this is a first step for the Fed. So LQD, that's the biggest leaders gainer today of my canaries. They're up over 7%-- biggest move ever for this ETF. I think the Fed's going to do some more here, but this is-- we're getting to the point where these are becoming tailwinds for equities and fewer headwinds. So I'm a little bit more optimistic than Friday, Myles.

MYLES UDLAND: All right, Jared Blikre with the latest on the market setup right now.