Can Micron become the savior?
The earnings report indeed exceeded expectations, perhaps because a black swan event before the report caused the share price to plunge, and those who were long were trapped, so after the report they tried to self-rescue.
No matter what, MU gave everyone a chance to exit safely this time, and the after-hours share price has already hit a new all-time high. I have already cashed out today, and it seems like I may have sold too early.
For MUU, from making a 30% gain but not leaving, to suffering a floating loss during yesterday's session, and finally using the earnings report to exit with a profit—I'm already content, even though there wasn't much profit taken in the end.
Although MU's earnings report exceeded expectations this time, I still don't recommend everyone to bet on earnings reports in the future. The only reason I made this bet was because there was a big short-term pullback, and I also believe MU was wrongly suppressed.
Leaders deserve an extra chance; avoid shorting strong sectors and stocks, especially the leaders! I give this advice to both everyone and myself.
Today's focus is on how MU will perform after the market opens. If the stock surges and then pulls back, no matter if you hold storage or non-storage stocks, you should take advantage of the rebound to reduce your position or cash out.
If today's close can effectively break through the historical high of 1213.56, and the session ends with a strong bullish candlestick, the end of the trading day might be a short-term buying point, preferably if there's no upper shadow.
Judging from MU's movements after the earnings report, the performance has exceeded expectations. So for those still holding, it's acceptable, but after the open, watch to see if there will be a surge followed by a pullback.
Additionally, today you can also refer to how the storage sector closed in Korea. If it continues to strengthen at the close, there's a high probability MU will trade strongly throughout the day.
Therefore, the key thing when watching the market today is to keep a close eye on MU's performance. For someone like me who is already out of positions, it's not good to open new ones now, so let's first see how MU performs today. If the movement exceeds expectations, it's not too late to buy at the end of the session.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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