Tuesday's bogus 72 7/8 close meant that yd's true "change" was off as well, but it did indeed close at 79 1/2. So today's 3 7/8 loss is correct. There was some after-hours trading higher, but no obvious tape-painting.
HOWever...
As usual, I detect some chicanery. (Which might mean only that I am a nut.) Well, call these coincidences then:
1) There was a big pile of stop-loss orders at 75. I know they were stop-losses because all of a sudden there were about 50 orders that crossed in the same second, all of various and small sizes. They didn't even add up to a decent block trade, so I don't think it was somebody trying to hide an exit. The stock continued to drop to 74 1/8, but there was some after-hours trading at 75 1/2. Stop-running, possibly pretending that the AMD halt mattered to MU?
2) That drop to 74 1/8 was on a lot of small trades. The big boys weren't bailing out below 75, or even at 75.
3) Dropping to 74 1/8 just barely made this an "outside day" -- a higher high and a lower low as well. Some people think inside days and outside days are significant markers. Paging HAL: Do you get excited about an outside day by itself, or only after it is followed by an inside day to become a diamond?
We've seen recently that Friday's are usually up-days. The earlier post on the specialists has a good quote: "During the typical bear market, or slide, the specialists will usually bring prices up on Fridays, to keep investors hopes alive."
Last week's high of 78 7/8 and the close of 78 are within range now that "Kipp Power" has been let out of the can, which would give us another up-week on the chart. |
