David, the gut says panic, get out, because I am taking a bloodbath.
As pointed out by Larry and John, two TA items have occurred.
MU has broken out of the down channel which I was depending
on, and MU has gone above the 50dma.
As posted this morning, I had concern about the low volume, and
was afraid of a short squeeze if buying came in, as it did.
I was considering buying some out-of-the-money calls to protect
my puts, and at 12:40, when MU was 29 1/4-5/16, MUEZ was
7/16-1/2, now 1 5/8 - 1 3/4. MUEG was 1/8-3/16, now
11/16-13/16.
The MU 15min chart stochastics has MU overbought, and my
1min chart is oversold.
Today was certainly a bummer, but I will not lose sleep over it.
Now, to figure out MU's move for the coming couple of weeks.
Has it started an upward channel, or will it return to downward
trend with the envelope expanded.
Regarding the new index, it would make no sense to put MU into a
boxmaker index on the Philly when MU is in the SOX, where it
belongs.
Patrick
Just read your note after writing the above. Regarding the volume, this morning, most volume on both bid and ask were less than 2000, and a regular trade would have bumped it an 1/8, because the spread was even wider sometimes. |
