MU Trade on Dec 19, 2019 09:35 from Cklamb: Tradervue User Stock Trades.

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MU
Statistics
Total gain/loss: $2.31 Largest gain: $2.31 (show)

Average daily gain/loss: $2.31 Largest loss: $0.00
Average daily volume: 60 Average per-share gain/loss: $0.08
Average winning trade: $2.31 Average trade gain/loss: $2.31
Average losing trade: n/a Trade P&L standard deviation: n/a
Total number of trades: 1 Profit factor: n/a
Number of winning trades: 1 (100.0%) Average hold time (winning trades): 3 minutes
Number of losing trades: 0 Average hold time (losing trades): 0
Max consecutive wins: 1 (show)
Max consecutive losses: 0
Average position MFE: $2.31 Average position MAE: $0.00

Intraday Fundamentals
• 04:16 PM EST, 12/18/2019 (MT Newswires) -- Micron Technology (MU) on Wednesday reported non-GAAP net income of $0.48 per diluted share in fiscal Q1, down from $2.97 per share a year earlier, and just ahead of the Street view of $0.47 per share.
• Shares of the company were up over 3% in Wednesday after-hours trading.
• Revenue for the three months ended Nov. 28 declined to $5.14 billion from $7.91 billion in the same period last year, but was above the estimate of $5.04 billion by analysts polled by Capital IQ.
• For fiscal Q2, the company expects non-GAAP EPS to range between $0.29 and $0.41 on revenue of $4.5 billion to $4.8 billion, in line with Street views of $0.41 in EPS on revenue of $4.82 billion.
• Micron Technology shares are trading higher late Wednesday on better-than-expected financial results for the company's fiscal first quarter ended November 28 -- and positive commentary about the company's outlook beyond the current quarter.
• For the quarter, the memory chip manufacturer posted revenue of $5.14 billion , down 35% from the year earlier quarter, but ahead of both the company's guidance and Street consensus at $5 billion . Non-GAAP profits were 48 cents a share, two cents above guidance and a penny better than the Wall Street consensus.
• For the fiscal second quarter, Micron sees revenue of $4.5 billion to $4.8 billion , with non-GAAP profits of 35 cents a share, give or take six cents . Street consensus has been $4.78 billion and 41 cents . While guidance is weaker than consensus, analysts have been expecting a soft quarter ahead of a turn in DRAM and NAND memory chip pricing later in 2020 and into 2021.
• "Micron posted solid first quarter results, delivering good profitability and positive free cash flow. With our strong execution and improving industry conditions, we are optimistic that Micron's fiscal second quarter will be the cyclical bottom for our financial performance, " Micron CEO Sanjay Mehrotra said in a statement. "Our significantly improved competitive position, dramatically stronger product portfolio, structurally higher profitability and investment-grade balance sheet position Micron very well to drive long-term shareholder value."
• Micron said it repurchased 1 million shares for $50 million during the quarter, and ended the quarter with $2.66 billion in net cash.
Technicals
ADV 20.5M RVOL 1.8 ATR 1.55 BETA 1.95 Inst Own 81%
Daily

Hourly

Intraday

Trading Strategy
• This is trading at a couple year high in the pm with the next levels of resistance at 57 and 58 about 18 months ago. These could pose significant resistance. However, the trend is strongly pronounced over the last 12 months.
• Overall bias is long on the longer term and this should set up for a trend-trend trade if it was not trading near the channel high
• Look for a pullback into 55 or 54.50 trading below that should be close to bottoming for the day @53.70ish and you could look for a bounce long from there
• If this does start to close and hold above 55.50, look for momentum longs
• Intraday levels at the opening range, VWAP tests and Momentum plays around these levels
Reading the Tape

This is strangely easy hit the couple scalps on this morning by watching the momentum stall and reversal. I took twice when this seemed obvious for quick trades.
Trade Management

Review notes
• Nice tape reading on this
• Traded scared
• I need to stick with the 54.40 later in the open
• I was thrown off by the deeper than expected pulse below 54.40.

image


Execution detail:

Date/time Symbol Side Price Position
2019-12-19 09:35:45 MU buy $54.475 long
2019-12-19 09:35:59 MU sell $54.623 0
2019-12-19 09:37:28 MU buy $54.329 long
2019-12-19 09:38:14 MU sell $54.320 0
2019-12-19 09:38:40 MU buy $54.430 long
2019-12-19 09:38:50 MU sell $54.504 long
2019-12-19 09:38:56 MU sell $54.540 0


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