While the Mouse House's recent-quarter's earnings were up more than 15 percent compared withlast year, they merely met expectations. During the previous four quarters, however, Disney beat analysts' estimates.
That sent Disney's stock down 2 percent even though the company also announcedit plans to release "Toy Story 4" sometime in 2017.
"For the day, the buyers of Disney are 'frozen' it would seem," said Steve Cortes, founder of Veracruz TJM. "The fact that we're seeing this kind of reaction tells me that the long side was probably a bit crowded on Disney."
Cortes himself is concerned about Disney's stock based on his outlook for the U.S. consumer. "The consumer can't continue the kind of discretionary spending that we've seen in the past because wages simply are not growing," he said. "With a tepid wage environment out there as a backdrop, I think you have to be very careful about being long Disney or similar consumer discretionary names."
Yet the technicals are more positive on Disney, according to Todd Gordon, founder of TradingAnalysis.com. "Disney has been a very strong stock in a very strong sector," he said.
Gordon notes that since August 2011, Disney has returned 180 percent compared with 91 percent for the ETF that tracks the consumer discretionary sector (trading under the ticker symbol XLY) and 73 percent for the S&P 500. He believes that illustrates the stock's relative strength.
Looking at a chart of Disney itself, Gordon, a CNBC contributor, sees it remaining safely in a strong uptrend channel.
"It is contained within the rails, so to speak – let's call it the roller-coaster rails," he said. "It's good for about a $20 to $25 pop. I see Disney moving up towards $100 in early 2015."