Larry, Just giving David ideas. The assumption was that MU was going up and I was responding about his system of how to play it. Having toiled as a trader for many years, taking orders from other portfolio managers, I have often had to offer advice about the best way to effect a strategy that might be contrary to how I feel about the issue. But the old saying of traders, especially buy side traders, is, "ours is not to reason why, ours is but to sell and buy." <G> And the PM has a much better chance to come out a winner or a smaller loser if he gets into a trading position as efficiently as possible.
Simple answer, I still think MU is going to single digits. I am not as gung-ho at $23 as I was in the 90s, 80s, 70s or even the 40s. It is not that MU is not overpriced. It is just that zero is so much closer at $23. IBM looks so much more attractive as a put play on an absolute "points the dog could lose" basis. Heck, IBM has lost enough points to build an MU in the past few weeks. <G>
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