yup...did an initial break with the bid being shoved to ~$29.90. Well oversold at that line. Now trying to bounce...MU hasn't seen this level since about mid-June.....which ain't really all that long ago. So...it comes to this...there's a ~$29.50 to ~$30.50 gap from ~June 10 that just got (almost) closed. There may be a bounce. The metric I'm watching is an older uptrend line I've had on my chart since the April 17 ~$24 line. It sits, today, at ~$29.25...I'm watching to see if MU's bid gets walked down to test that line as support. Maybe not today but.....in any case Lucy is right now playing a sell side game...let's see if $30 holds as support. Bid now $30.05.
Huck: Guess we'll see indeed. My first low-ball bid at .34 just got taken....and I've another down in the mid-.20's that very well might get hit if the intraday action Master is expressing continues apace. Generally speaking it's just a lousy day out there in the markets....and Master is using it to keep Poochie (again) shackled to the chain he got briefly off of yesterday.....it is what it is. Let's see where it goes from here..
Bid now .38 and under pressure....last time Master did this he took Poochies nose south of .30...let's see if that's the set-up....wonder what Options are doing? Gonna have to check. Bid now .37
Okay anyone who's followed Masters intraday processes knows it's now coming...the upper .30's...bid now $15.40. Master is once more doing what Master always does....that is....applying continuing pressure on the bid shoving Poochies nose back into the dirt.
Current bid $92.57. Looks like the aforementioned "runs usually clump in three's before any p/b" is holding true....so far. No big deal...a bit of consolidation is a good thing here...just sets up the next bit of upside once general market nuttiness subsides.
Yah...as you can probably see Master is beating Poochie with a stick as if the lack of a DoJ decision was all Poochies fault....which I guess it..is? In any case the Dow being off about 150pts ain't helping things....I'm actually kind'a hard-pressed in seeing much more downside....at least based on all the recent news which seems to be indicating there's movement decision-wise occurring. Somebody was driving that ~2.5M share spike in yesterday afternoons session...and it t'weren't retail....but regardless...I'm in no hurry....Poochie ain't about to be running around loose off the leash any time soon....
PM bid $15.46. Master's got Poochie firmly back in the muzzled harness. I suspect a yank back into the high .30's is setting up. Think I'll go down "thar" and wave a low-ball bid just for grins....
The volume on the Aug 21 $15.50 strike options (Calls) is over 23K. Looks like Master is trying to whoa, whoa, WHOA Poochie back to it?
And so Master does the YANK once again. Bid now back at $15.55 and being hammered. Interestingly enough Masters boundary turns out to be ~$15.65, the upper end of the channel it was in for four sessions starting on July 22. Right now the action kind'a indicates Master will try to take the bid back sub $15.50....now .54 and still being hammered while the ask overhangs with a large show...but we're into the final hour..let's seehow it plays..
Yup....saw it at about the same time the news came out...there was a brief lag in Masters reaction but....so far....$15.62. Positive indications.....I'm not sure we'll see much more today but it represents a potentially positive sea change. I only say "potential" because we all know how FUD-inspired news always seems to come out of nowhere with this company. We'll need a few days of postives....or at least no negatives......for it to sink in. Just my WAG of course.
Master letting out the leash? Bid $15.59. Question is...is this setting up a big yank? I dunno....but I'm beginning to think not.....but let's see...TA-wise the bid is now testing getting back on top of an old older (for me) uptrend line initiate from the $15.05 line back on back on June 2. And volume has surged. This could be the reversal long awaited? Disclosure I went long a trade on the p/b to .47 off the initial burst to ~.54. Bid now $15.62 so I'm setting my usual ~10penny stop in place. It's a trade after all. Bid now .65
Something going on? There was a sudden ~2.5M share "blast" that shoved the bid from ~$15.44 to ~$15.54. In two minutes time. Then directly thereafter there were 3 2minuted pulses of ~800K shares on the sell side which, interestingly enough, about mirror the size of the first 2.5M. That shoved the bid back to $15.47. And just as quickly the bid got sent back to .54. Roughly speaking. I've maintained for some time that watching the intraday in BAC closely would alert one to any changes in Master simply because it would be reflected in anomalous behavior....this could be a big "tell." As to what...I have no idea. ;-) Bid now $15.52...let's see if it can hold north of .50.
Well someone out there just used ~2.5M shares to shove BAC's bid from ~$15.45 to ~$15.52. Things that make you go hmmmmmmmmm......
Tigger: More than that. Stronger economic growth is viewed perversely and negatively impacting equities, primarily by making fixed instruments more attractive and "safe." Plus the eternal boogeyman of the conservative set - inflation - is supposed to loom large as a consequence. In any case Money has had nowhere to go in recent years for any sort of rate of return other than equities. Some argue this is the principle reason the market has soared to the moon. Give that money the opportunity and it'll flow out of equities as fast as you can blink your eyes. That's the theory espoused by all the chattering analytical heads out there. I don't necessarily buy all of the idea as they have not be correct to date, but it contains a kernel of possible truth. And of course where there's a kernel FUD will always have an opportunity to play havoc.
Hmmmm....bid $15.44. Maybe Master is having some second thoughts on continuing to walk Poochie southward...to early to confirm....more a gut observation of the intraday....let's see how it develops.
Bid $93.73. Still up nicely on the day...but there might be a bit of consolidation before the next leg up. No harm is a bit of the 'ol sideways action at this approx line...might actually be a bit healthy....whatever THAT means in this game. ;-)
Huck: Bid $15.37. Yah...it went tested trying to get by ~$15.43 line by going up to $15.50 area....double topped and now is back basially where it started. The surge obviously coming off the 08:30 economic numbers. But then Master then reasserted the reality in the situation and YANK! Speaking of which....if' there's no DoJ settlement....and increasingly I'm thinking that will be the case....then a protracted court "battle" cannot be considered a good thing as it allows Master and FUD to play havoc with Poochie. But having said that the "no plans to increase legal reserves," if true, signals (to me) that BAC is confident of reaching an accommodation.....regardless, so long as Master has Poochie in this limbo state I don't see the bid going anywhere fast.....just my WAG, of course. Bid now $15.39.
A walk today? Yeah....continuing to walk Poochie back down. Looks like Master is doing a possible double bottom (from ~10 sessions back) test....I'm not saying the bid is gonna end up back around the $15.teens...only that in light of continuing FUD over the DoJ, combined with now entering the dog days of August, that the path of least resistance is down....If you draw a downtrend line off ~$15.60 from July 25 and use as its second point ~$15.50 you'lll see the line sits at ~$15.43....the bid will need to break back on top of it on volume to reverse the trend....one positive....the stoch's are severely oversold but not yet turning positive....watch the stoch's?