FWIW, The line connecting the panic low of 58 1/2 on 12/10/99 (DLJ poor-mouthing pre-expiration scam) and the low of 68 on 1/7/99 (this month's pre-expiration scam?) (19 days later) has a rise of 0.50 points per day.
The value of that line today, seven days after 1/7/99, is, viola, exactly 71.5, today's low.
Also FWIW, the 20-day simple moving average is 75.2 and the 50-day simple moving average is, hmmm, could this be right?, 71.4.
Somebody is selling into every rally, though, IMO. There were some 100K shenanigans on the bid and ask just like yesterday, and there were big blocks of 100K at 73 1/2 at 9:34 and 160K at 72 1/2 at 9:53. The average trade size today is nearly 3000 shares, which is twice the average, um, average of around 1500 shares per trade. So big money is getting out in a big way, IMO.
But...
The MU bears never win at expiration, we've seen that over and over gain. Sooo...
75 or bust by Friday! Then, whammo! |
