Monday 23 April 2018

The lone maniac strikes again

US equity indexes closed a little mixed, sp' +0.15pts at 2670.29. The two leaders - Trans/R2K, settled +0.4% and -0.1% respectively. VIX settled -3.2% at 16.34. Near term outlook is uncertain, and will be dependent on the 10yr yield, and whether the mainstream can cope with >3.00%, or are briefly upset.




US equities opened in minor chop mode, and it remained very subdued. There was moderate cooling in the mid afternoon, with the Friday low broken under, but settling above. The settling black-fail candle does lean s/t bearish, and we still have three partly unfilled downside gaps to 2604.

It was a mixed day for volatility, seeing a morning peak of 17.56, but despite equities breaking a lower low in the afternoon, the VIX didn't pick up, and even settled fractionally lower in the16s.

The lone maniac strikes again

Micron Tech' (MU) was moderately higher in pre-market, trading a little better than the main market. Then the lone maniac, aka Timothy Arcuri of UBS appeared once again, touting cyclical/dram concerns. His target on Micron is $35, which is a very considerable way lower, even below the key 200dma.


Indeed, the same guy appeared just a few weeks ago... see:

The retail amateur (yours truly included) doesn't stand a hope in hell against this kind of sporadic nonsense from one of the 'smart guys' from a recognised (if partially failing) institution.

Keep in mind, Nomura-Instinet and Robert W. Baird are both seeking $100, with Cowen $65, and Mizuho at $70. QCOM and INTC have earnings this Wed' and Thurs' respectively. Both should come in fine, and should offer another reminder that 'cyclical concerns' for the semi-conductor industry are grossly misplaced right now. 

MU, monthly

Suffice to add, Micron stock remains m/t bullish, but having lost psy'50 (again), next giant support isn't until the breakout threshold of $36/37s. For now, annual EPS of around $11 isn't seen as worth much by Mr Market. Truly. Bizarre.

No sunshine for the Micron Bulls.
Extra charts in AH (usually around 7pm EST) @

Goodnight from London
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