May have pushed the second trade. MU is back acting as usual The bid keeps taking these periodic spiky selling hits against it. Bid now $11.23. It's even odds this closes at/near the low of the day
Bid now $11.22
Unsurprisingly (to me) the market went aggressive on the sell side. First sell side wave, starting at ~13:15, took the bid from .35 to .30. It tried to recover then got hit with a second wave which pushed the bid to .26. Decided to re-enter a position at this line....all just playing the usual intraday mischief always seen with this equity.
Entry at ~$11.10. Not an unexpected p/b given the parameters noted last week. I kind'a see the ~$11 area as baseline support given all that is now known....let's see how it plays from here.
Profit: Sorry...been a bit busy...but yes I got in this AM at ~$11.18 and have been sitting on the position. Might hold it for a time. I like the way it's been acting....like an actual stock under some accumulation plus (maybe) some short covering. And the stacking on the Call side of the June 22 options signals (to me) a positive view of the intermediate term. So for me this is probably the best I've felt about MU overall in some time. I do think that MU is a "show me the money" stock, but based on recent sessions actions it seems 'ol Lucy is a bit more forgiving now than she's been in some time.
Now watch her tank the bid to the low $11's into close. Heh!
Just some thoughts while looking at a $11.40 bid.
Bid now at .32 after reaching .39. Interestingly enough the June 22 $12 Calls already has a volume in excess of 7.8K shares. That's....interesting....
Ordinarily I'd say it's something to monitor, but when average intraday volume is +147M, and has been for at least a year or more, that 12M amounts to a mild burp of action.
Yah...May 18 $11 Call volume at 7.9K, the $11.50's volume was 12.8K. May 24 Call's look like nobody was interested but the June 22 $11 had a volume at 16.3K and the 412's at 4.5K These are big volumes for MU. The Put side was very small by comparison....let's see how it goes tomorrow....
I had to laugh. To those new to MU's pps mischief this is normal. To old hands, this is normal, eh? This bid drop is well overdone so nibbled a tranche here. I've another open bid blow the $11 line just 'cause....well....MU mischief like this is normal, and it means never going all in on a position with this equity. Bid now $11.06. Still a good day. Even more so if it can close north of $11.
Bid now $11.07. Market doing its level best to close the bid back under $11. Call option volume all across the range of ~$11 to $12 in the months looking outward real strong today.
Bid now $11.05. Here comes sub-$11.
I'm leery of the usual action playing out with MU. That large spike might have a modicum of short covering influence. Yes the news is great, but the proof going forward will be in management execution going forward, delivering the 'ol value to shareholders. The market traditionally is very fickle with MU pps for some reason. Indeed the bid just got yanked from $11.19 to $11.13 and with the ask doing it's usual overhang it'll likely close weak. Bid just dropped to $11.11. There could be a bit of short covering games going on here since as of April 30 the short size was +66M shares. By games I mean slam the bid as best you can then cover. So slam and pop, slam and pop until you (the shortster) are out or have managed to exhaust the enthusiasm of energized buy siders. Course doing this takes some control; something you can never accuse the big boys/girls of not having. Let's see how it closes out. Bid now $11.12. Watch how the ask is managed here in the final 30 minutes...
Beto: The same goes for me. There's been one certainty throughout the last couple of years where MU is concerned. It's a trading stock that can be profitable; but it can turn and "pull the 'ol ball" as easy as letting you kick it and go. ;-) Today I'll consider it a plus if it can close north of $11. It's gone up to $11.26, pulled back on declining volume to the ~$11.15 area....and may be at low point on the intraday. But so long as that ask overhangs the bid mischief is always afoot.
Let's see how it goes from now to close.
Don't know from sky rocket but the last impediment is out of the way. Now it's all about management executing the strategy they've been so visibly putting in place. The rest of this year should be interesting....
Profit: Yup...so that area is the high water mark for MU this time. But that's getting ahead of ourselves by about a buck. For now resistance is at $11. It got up to that point, tagged and turn in the usual MU fashion...but on the p/b I find it interesting that it basically bounced off the line it was stuck at for most of last Friday afternoon. $10.82 x .83. If the line fails maybe short it for 10pennies...if it holds maybe go long for the usual 10. But I don't have a warm-n-fuzzy about either trade so I'll probably just stay watching....errrp...while typing this I see the bid is now at .81....
Nice. I can't quibble over taking profits. Congrats. MU is at an area where you have to pull up a 5yr chart to see it. Starting back in late Jan 2011 the bid went thru a triple top sequence and then headed for the cellar starting in ~May of that year. It then basically did a double bottom and has been all up from there. So....on that 5yr chart everything is signaling overbought, but the whole market is on one hell of a freakin' tear so guard your downside but let it run (is my view). It may take a bit of doing but I think the bid is setting up to again test that 2011 high....right now the struggle is getting thru $11.
It appears to be all that money that's been in safe, extremely low yielding bonds and such that is now propelling the market upwards. Said money had been watching and watching and watching the market advance and now greed has kicked in and they want to be in the sand-box. The contrarian in me thinks this is about where you want to be setting your exit strategies in place.