Unbelievable as it might seem, did it look like "They" wanted to keep MU *down* today? Until that first run past 77 (which looked like simple stop-running to me, according to my interpretation of the Time & Sales data), only three $SOX stocks were in the minus column: MU, busted stock RMBS (down 38% from its high three weeks ago), and perennial basket-case NSM. Before it finally broke through to the upside for good, MU approached 76 3/8 (yesterday's high) three times with approach-avoidance behavior reminiscent of the apes at the giant obelisk in "2001".
But it didn't do it by itself, as it did yesterday. The last run to 78 7/8 (!!!) at the end of the day was due to the market-wide panic buying programs that ran the DJII up nearly 100 points in 20 minutes.
76 or so was more than enough to have maintained a higher weekly close quite nicely. Now 78 is the week's close and 78 7/8 is the week's high. They need to be taken out next week to paint the MU tape as continuing to be in an uptrend. And then Goldman Sachs needs to get it higher than *that* in the following week. That's more work to do, either at the tout-fests or down at the floor painting the tape for The Public, to get it past 79 instead of 76. Maybe not a big difference, but we're well into nosebleed territory that we haven't seen since the big blowoff of 1995, when Micron was making money -- good money. |
