FWIW, I'm out at 77 5/8 for a gain of 2 1/2. It's a week's pay, but it took a %$#@! week to get it. :-)
Today's march from 74 to 79 looks like it was at gunpoint, as though that single spike through 79 was the goal. And since it was on big volume and followed by an immediate and quick 2-point drop, I'm gonna assume it was stop-running until it's proven otherwise.
Too many 10M days for me. Three in a row, and four out of the past seven. But these big-volume days whip-saw us in a (truly amazing) range rather than clearly mark that it's the continuation of the up-trend or a gap-and-go to start a new leg up. No, I don't like this at all.
We're dancing on my trendline again, just like we were during last month's expiration week, but we're a little later in the game in many senses: year-end earnings are coming up, the end of the calendar quarter is coming up, and "back to school" sales are behind us. Oh, and Cramer is pounding the table for the semi's here at the top, as was astutely noted and jeered at earlier.
The MUEI rumor is pure expiration-week thievery, and re-iteration ad nauseum is the way the MU game is played now, I suppose. I'm ignoring that stuff. (Although it would serve to transfer a lot of stock, huh.)
I can't look at the action of the past few days and think, "yep, this is what big money looks for to get in -- plenty of giant-volume whipsaw days at a four-year high". I'm leaning toward going short in the next couple of week or so, with a call spread as Scenario insurance. |
