The price and volume, that’s what’s up, and not insignificantly. We are in and out of this stock and it really caught our eye on Friday as the market was down big, Micron Technology (MU) was up almost 2 percent with volume almost 50 percent above its 10-day moving average.
Up and away again today to close just above its 50-day moving average on relatively heavy volume — up 5.5 percent on volume 25 percent above the 10-day moving average.
Smells like Kentucky Fried Takeout to us. Yes, we’re talking our book, but for good reason. Nevertheless, keeping both hands on the ripcord.
By the way, the macro tape bomb du jour was the FT report Italy is in talks the China sovereign wealth fund, China Investment Corp, hoping they will buy “significant” amounts of their sovereign debt. The FT writes,
Italy’s centre-right government is turning to cash-rich China in the hope that Beijing will help rescue it from financial crisis by making “significant” purchases of Italian bonds and investments in strategic companies.
The Euros engineer another short squeeze catching traders leaning the wrong way and now reaching for the you know what. Welcome to the volatility zone.