POW! Just like that...bid $17.10. Sell side action is very much back on their game after letting the bid get to the ~$17.40 area.....we could see a repeat visit to $17?
Well....~340K shares have driven the bid straight back down to the $32.92 area.....did I mention mischief being the norm with this equity? Back in at this level for another buy side trade...now back to watching the probe landing....
BABA! HA! Yeah...been playing that one, too. Mania stocks are tailor made for trading.....I've most played them from the long side but flipped to the dark side in the $117 zone once the initial wave of fervor appeared to be abating....I might go back long if it can get/stay north of the current $116 level...
HA! Well...Zee probe it is working well. All is lining up (European engineer speaking right now). Should be landing quite soon now....boy it's a geek-fest going on at that streaming web-site...replete with pictures, too! ;-)
The bid has tested this area, and a bit lower (into the low .80's) 3 times in the last 2 sessions. So I've opened a buy side tranche off this level just playing the odds that a similar bounce will occur. Now watch the bid tank to the mid $32.50's. Come onnnnn +10pennies! ;-)
If folks are able go to the streaming web-site for the Rosetta project...you can watch history in the making....Humankind is on the verge, in the next hour, of landing a probe on a comet! Good stuff!
Or maybe I'm just a geek about things like this. ;-)
Gold: I suspect MU's bid will be subject to all the usual mischief long term observers and players in MU have come to recognize as....typical? PM last sale now at $32.96....the bid tested the $32.80 to .90 zone 3 times in the last 2 sessions. I see nothing that says it won't do the same thing today....For me I've got the following intermediate term metrics I'm using for set-up determination.
First...go back to Nov 3 and draw a downtrend line off the relative top area of ~$33.82. Use as a second determining line ~$33.70; then draw it thru today. Right now that line sits at $33.60. That's my top-line resistance. Then go back over a year to the May, 2013, line of ~$10.73 and draw an uptrend line with its second poing bing the p/b to ~$12.50 that occurred end of July 2013. Draw that line thru today. Today it sits juuuust under $32.60.
So...those are my boundaries....~$32.60 to ~$33.60. A seemingly wide channel that we know 'ol "Lucy" (the market) can use and abuse with ease.....it could go anywhere in that range or beyond in either direction. But I play my set-up's in accordance with how the bid is played (for now) within that channel. Oh....I've a "hard" resistance at ~$35....because that's basically the 52 week high that has been double top tested and not breached....so far....
Now let's see how it plays today.
Pro: "Ali Baba distraction and ETF Machines tied to Nasdaq make any one day response meaningless because the machines cannot read what MU CEO stated on Expanded supply & demand." HA! Luv it (the comment). ;-)
Fragile: Oh boy. More than a few are laying monies on that gamble....and it ain't a bad one...especially given how oversold they've been. Disclosure I've an intermediate term position in them from the low $13's so consider the source....I'd followed them down (didn't short dang it) from the ~$17.50 side until it reach that "I GOT to get me some of THAT" level. ;-) So I'm aligned to the success of their truck....though I hate to say looking for one truck to turn an equity around ain't the most logical thing to ascribe yerself to.....? ;-)
Meanwhile...BAC bid $17.33....,looks like Master is relaxing the pressure going into close?
Cramer is a shill. I'm not being critical. He's very good at what he does. But don't confuse yerself thinking he's working for your greater good. ;-)
Nest. You see such comments all the time when an equity becomes a mania favorite. And none of it means anything other than people spouting off. Funny what greed and avarice do to people....
All of it's being fanned and inflamed by all the usual media/talking-head commentary and such. All of it...and I mean ALL of the media commentary during that phase...is designed solely to separate you from your cashiesh. Playing the flavor of the moment is akin to stepping onto a State Fair grounds at the height of the carnival barker frenzied period.....you can have fun...you can even make so profits (as it relates to this game....never happens at an actual carnival/fair)....but be mindful to keep yer hands on yer wallet....their game is to move it from your pocket to theirs...and they'll do it, too. It's the only thing the "barkers" know how to do...and they've honed their craft well....so be mindful of this and keep your focus on the profits to be made....and never, EVER, believe a shill word you will hear from the carnies while you're perusing the grounds of the "fair." ;-)
Yup....when self-annointed pundits of the "know" and self-styled "analysts" are all pounding the table saying to buy.....well....reminds me of when you walk down a strip at a State fair and all the carney's are barking out their paradisical come-on's and such....remember...the basic rule of Wall Street....their basic objective...is to separate you from your hard earned monies and put it in their pocket's..no more...no less. THIS is what they do. They don't manufacture anything. They don't produce anything. They're not creative in any sense excepting as it relates to moving that money from your pocket into theirs. Just make sure you understand this going into that Fair and you'll be okay....mostly (heh). Bid $114.78...
Okay...approaching the final hour and I'm not liking what I'm seeing in BAC's action. I closed my open get at .35...I'm not happy with the level of machine induced (?) churn I keep seeing with this equity. The reason is simple. If most of what I'm seeing is machine driven churn, and I've no real reason to think this isn't the case...then that implies there's very little actual demand or fundamentals working the bid....more to the point of it...the longer it keeps flat-lining at ~$17.35 (like it has the last 7 sessions, more or less), the more likely it is Master is setting up Poochie for another yank-down.....but...that said....I don't have sufficient confidence this is happening so to do a tactical short play.....I'm more likely just to sit and watch...and play the buy side set-up when it occurs.
Bid now .30 and my WAG is Master is about to take Poochie sub .30...