Broadly speaking the current channel seems to be ~$14.80 to ~$15.10. At least that's what the chart for the last 5 sessions reveals...
Regardless....market seems to think there's some merit to the paper? At least....for now. Bid $11.52. There might be some "discretion is the better part of valor" short covering going on here...let's see how it plays...
Okay...closed my earlier get at $15.05. I probably should have flipped to a short side play but....nah....why press my luck? I'll just hang out...run back down around $14.90 and wave another bid....gotta throw that baited hook in the water if'n you expect to catch any machine-fish, eh? Bid $15.02.
SA thoughts just received on an email:
"Micron jumps after SK Hynix forecasts strong Q2 shipment growth, plans lower capex"
"Micron (MU +7.3%) is getting a lift from Hynix's Q2 outlook. Also possibly helping: Hynix mentioned on its earnings call (transcript) 2016 capex is now expected to be below a 2015 level of KRW6.6T ($5.8B). Micron guided in late March for FQ3 (May quarter) revenue of $2.8B-$3.1B, nearly flat Q/Q at the midpoint relative to FQ2's $2.93B."
I think this might explain things a bit?
Trader: To my mind it's simply the way to play ALL the stocks across this game. Not just BAC. Sure you can have a core basket in whatever turns you on...but if the market mischief that's become a hallmark of this game from Y2K to 2008/9 to present day haven't disabused you of a "buy/sell and hold it forever" attitude....well....then you must be Buffett? Heh! And me I ain't no Warren....or is that Jimmy (?)....B....
It's being churned. Any upside jaunts is being used as an opportunity to sell...for instance the +70K of shares just used in the last few minutes to dive the bid from ~$11.33 to ~$11.13. There's nothing nefarious in this. It happens....and the roiling of the bid is more a consequence of a large surge hitting a bid that's thinly held and traded. Either a big buy or sell roils things....in this case it afforded me an opportunity to grab a buy side trading tranche at ~$11.14.
Indeed...just closed all those "gets" (I had 3) at $11.33. Bird-in-hand while waiting to see what's causing the bush to be shaken...,
I don't ascribe to conspiracy theories in this game, though I'll acknowledge there are times of clear collusion. Self-interest and greed amongst the big players guarantees it....and since it's endemic in the human condition you'll not be eliminating it...ever. Anyway...I digress...I just see it as the machines playing their set-ups. I'm just playing along....managed to grab a tranche just south of .85 (again) on the yank-down...so color my self-interest as being aligned to theirs? Heh!
Bid $14.95....just like that...setting my "get" stop at the usual 10penny mark...let's see how it plays. Yah gotta love the ATM-like regularity of the machines...but then again...they're machines so fundamentally predictable once you've figure out what their current game is. Predictable until their masters realign the set-up configurables...
Let's see what happens next..
Not sure of any "rip" but I guarantee churn? Play the overshoots in either direction remains my prime directive until further notice. Bid $14.90. Looking for a buy side entry but want to see how far down this overshoot...anything under .90 seems viable..
I can't speak for liberals but I'll say this? When? When the neo-con's start acting like adults and stop being sanctimonious tellers? HEH!
Oh...PM bid $15.02.
Yup. Bid $13.94 and I've closed the "get" here. Just churning the butter. Why not? Isn't that what you do when you're in a dairy? ;-)
Besides....since one cannot effect the action of the machines, but CAN see their pattern, just play along with 'em, eh? It certainly is a better strategy than trying to tilt at their windmills...
Let's see now....it's the (almost) middle of the business day. All the kids are firmly ensconced in school. So I can only conclude this is what passes for adult conversation from your genetic lineage? You must be fun at parties. HEH!
Don't know from mo mo....seems to have abated...maybe a new channel from ~$14.75/.80 to ~$15.teens? 'Course...overall market action is punky, too. I just closed my short and flipped to the "light side" at $14.81 to see if I can ride a bounce. At this line it's down the usual ~2% on the intraday so I'd wager there's not much more downside game left for today. That said I'm not confident it'll play out quickly because the sell side is still in there playing their usual heavy role....but if past is prologue to future my WAG is there will be at least a 10penny bounce from this area....so let's see what happens.