That range has worked the past few days however soon I would expect it to break one way if no news next week down and of course if there is a bid it goes higher.
even though it's a Friday with the various scares out there I think investors may have realized that shorting the Chinese markets and Greece are not the end all and with the Fed heads out doing 180's the last few days you may see the rally continue on Monday. That's a lot of "ifs" but this could be a new up move for MU based on todays action. Stranger things do happen in this market.
I'm not in but watching since they reported but I don't know this feels like it wants to go higher. The turning point may be when it stops going up if the market recovers. Also each day can be different action in the shares. I'm wondering if it's like the reverse of a company's shares getting hit and you wait 3 days to start nibbling possibly this will rally for 3 days then get hit with profit-taking. Who knows right momentum guys and hot money are in the shares and as quick as they get in sometimes they leave as quick leaving investors scratching their heads.
Remember where RMBS used to trade years ago then it fell off the cliff to single digits when the market figured out that they made most of their money through lawsuits protecting their patents instead of real growth.
I don't know about too many warnings but it is hanging in there today in a bad market. It has been holding in a lot better lately. It may actually close green today that would not shock me.
Do you have NFLX on your screen? It is up $10 in a horrible market but I think at some point there could be profit-taking but who knows when.
Until Intel says for sure they are not interested anymore I think shares stay in this $42-$44 range even if results are bad. However if Intel does walk away and Altera reports a poor quarter and guidance this stock gets slammed back to the mid $30's.
I don't know how this plays out but you have to be careful of Gasparino he was saying for days that Goldman Sachs was going to buy Bear Stearns weeks before the collapse. Sometimes these mouth pieces are helping out a trader friend or two like Cramer is notorious for. Possibly INTC does want them but for now it of course is all speculation since they walked away.
I don't care what Reuters or anyone else says a decent chunk of this was short-covering. Watch the action the next few days.
It is overvalued hyped garbage but you probably are up nice since lunch time...nice move it took guts to get in even near the $540's during lunch.