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Technology Stocks : Semi Equipment Analysis
SOXX 302.84+2.0%Dec 2 4:00 PM EST
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To: Donald Wennerstrom who wrote (82267)1/14/2019 6:46:12 PM
From: Return to Sender7 Recommendations

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Donald Wennerstrom
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Fundamentally it's hard to find a time anywhere in the past where MU has looked better than it does right now. Technically??? Check the charts at the bottom of this post.

Okay... below $30 a share MU fundamentally was recently a better buy.

Technically the stock, like so many others, is a complete mess. Perhaps the 40 month trend line on the 20 year monthly chart was a good test that will not require a retest?

I certainly do not know. But this is not the MU of even a few years ago regardless of how many people who say differently. It's a much better company with a cleaner balance sheet. Yes, anyone can argue that it remains a commodity supplier but really does that matter?

What matters is that we have hit a bump in the road for earnings and not just for MU. The entire market is under pressure. I can make a case for every stock in the market as being cyclical.

I have already shared market data that suggests a real bottom is forming. We have had not one but two days of 90% upside volume in the market. We only got one of those in 2016. In addition right around Christmas time the Investor's Intelligence Poll had more bears than bulls. The last time this happened was in early 2016. Previous to that it also happened in late 2015.

In a long term bear market the Investors Intelligence Poll can go overly bearish for months at a time.

But with the FED now only expected to raise one more time in 2019 I think the market could easily find a longer term bottom. I cannot see the tariff war between the United States and China going on for too much longer. This is hurting both economies. It will get settled.

Anyway... MU Charts below:



The stock is right at its upward moving trend line on the weekly chart.



In addition the monthly chart shows the stock has undergone a high volume reversal.

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