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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: Robert who wrote (43310)	2/26/1999 5:03:00 PM
From: Keith A Walker	Respond to of 53903

FWIW - I had some MUPJs and sold them at 3-1/2 (actually a week ago) Just picked up some MUDOs. Looking for a pop with the PIII launch. I think the selling was a bit overdone today and fund managers were looking to lock in gains for end-of-month reporting. Open to other ways to play MU. This stock is just a money maker for all of us if you remain flexible and go with the flow. Regards, Keith

To: Robert who wrote (43310)	2/26/1999 5:05:00 PM
From: John Graybill	Read Replies (2) \| Respond to of 53903

Today's 3:00-4:00 run is one for the Hall of Fame of Tape-Painting. Absolutely no question about it in my mind. I say it's phony, and in just about every way imaginable: - Any violent reversal on the hour or the half-hour is engineered. Scroll back to mid-January and see how many times I posted (and traded) a V-bottom that showed up over and over at 10:30 am. I won't post the number here because I would accuse myself of making up such numbers -- it was that frequent and that consistent. This V-bottom came at 3:00 within a few seconds. - To see what volume looks like for a real bottom, check last Thursday's chart (when we hit 58 and 59). That great smear of volume clustered across a half-hour centered at the bottom indicates either a lot of players "piling on" or a single player or a small group of players scaling in. Today's "bottom" was a single buy of 200K that came out of nowhere with no warning and no help. The idea that the Fed (illegally) intervenes in particular stocks or markets is a favorite of the more paranoid traders. As I am as paranoid as they come, I say that I believe the Fed to be today's benevolent mystery buyer. Micron was getting a LOT of bad press today, and will be mentioned on every financial report over the weekend. Implied or explicitly stated in every article, of course, will be, "...but it closed off its lows." - The 200K block was the only block bigger than about 20K for the rest of the afternoon. Look at the volume in either 1-min or 5-min bars for before 3:00 and after 3:00. Note how unnaturally even it is for virtually every bar after 3:00, compared to the very random nature before 3:00. Every 5-minute bar from 3:00 to 3:45 is 195K shares or so, and every 1-minute bar is 40K or so. Statisically, for Micron, forget it. There were very few big blocks, if any, for the better part of the last hour of a screamer of a trading day -- Big Money had gone home for the weekend to write up its downgrades. So somebody was pulling this thing up minute by minute, buying just what was needed in a VERY thin market to move it up off its worst levels. - Now compare it to other indexes: DJII, SPX, RUT, etc. By pure coincidence, everybody playing those indexes started to run them up as well, right at 3:00! This run to 57 1/2 or whatever is gonna last about an hour on Monday, tops, and that's only if there aren't half a dozen downgrades waiting for us before the open. p.s. oops, had to edit -- I see NB Montgomery didn't waste any time