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Technology Stocks : Micron Only Forum
MU 236.50+2.7%12:59 PM EST
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To: Chas who wrote (29539)3/5/1998 10:41:00 PM
From: DavidG  Read Replies (2) of 53903
 
Chas,

Here is a chart to give you an idea what MU has done for the past month:

207.95.154.130

As you can see, in spite of the INTEL preannouncement MU is still moving with in a very narrow trading range of 33 and 35 7/8. At the open this morning I had MUPHs and held on to them for 10 or 15 minutes until I can determine whether 33 was going to get violated. It didn't so I quickly sold at 7 and went long.

At around 3:30 I was holding PUTs and saw that MU was not going to drop below 34 and yet the NAZ and SOX were seriously breaking down so I decided to dump all of them. With that kind of strength it does not make sense to be a hero and hope for a big drop.

Right now I am not holding any MU position. Tomorrow I will again look for an opportunity to go long around 33 1/4 to 1/2 and buy puts closer to the 35 1/4 to 1/2 level.

I trade a lot during the day b/c I average down below 34 and sell longs for 1/2pt gains. I also do the same with PUTs at higher levels but I am getting more reluctant to buy PUTs b/c MU is showing strength in such a weak market.

Remember your in-the-money PUTs are bought at a premium and if MU turns Positive and breaks 35 7/8 you now have almost useless out-of-the-money PUTS. I think this might happen. Also PUTs are difficult to unload and you have to sell into MU weakness to get a good price. This is also getting difficult. Times like this morning seem to be getting rare.

Good Luck Trading

DavidG
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