David - I have been on the sidelines watching MU today. After a
lot of study this weekend, I started leaning toward the upside.
However, with the strong negative market this morning, I just
watched. Several times, I was ready to go long.
When back to my charts and printed out 7.5 min charts ending
April 7th, and the current. The trend for the past four days is very
similar to the first week of April. Should this continue, MU will
return to the base of about 29 prior to the runup last Wednesday, or
continue lower and retest 28. Therefore, I am now returning to a
downward bias on MU, and continuing to hold 50 MUQZ.
Tech stocks in upward channels to play against MU are:
CSCO, DELL, LRCX (Lam Research), and LSI. No guarantees on
the stock plays.
Patrick |
