MU Trade on Jun 30, 2020 09:37 from Cklamb: Tradervue User Stock Trades.

MU
Intraday Fundamentals
• Several target raises Tier 2 banks
• Shres of Micron Technology rose in late trading Monday, after the memory chip maker reported fiscal third-quarter earnings and sales that topped the guidance issued by the company just one month ago.
• Micron (ticker: MU) stock was up 6% in the extended session. The shares closed up 1.4% during regular trading Monday, to $49.15 , and have declined 8.6% this year versus a 6.9% drop for the S&P 500.
• For the quarter ending in May, Micron logged net income of $803 million , which amounts to 71 cents a share, compared with a profit of $840 million , or 74 cents a share, a year ago. The company said that strong storage memory sales were partly responsible for the strong quarter, despite difficulties related to the Covid-19 pandemic.
• Micron reported sales of $5.44 billion , up from $4.79 billion in the year- ago period. Adjusted for stock-based compensation, among other things, earnings were 82 cents a share in the latest quarter, compared with $1.05 a year ago.
• The consensus forecast for non-GAAP earnings was 75 cents a share and sales of $5.27 billion .
• "Micron's exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment," Micron Technology CEO Sanjay Mehrotra said in a statement.
• For the August quarter, Micron said it expected adjusted earnings of 95 cents a share to $1.15 a share on sales of $5.75 billion to $6.25 billion . That outlook is significantly ahead of what Wall Street has been expecting. Analysts have forecast August quarter sales of $5.46 billion and adjusted EPS of 79 cents .
• Micron said it bought back 929,000 shares of its stock for $40 million during the fiscal third quarter and said it ended the period with a net cash position of $2.6 billion .
• Micron issued earnings guidance a day before its third-quarter closed in May. Previously the company had said the coronavirus was driving demand for personal computers for which Micron makes memory.
Technicals
ADV 25.48m RVOL .91 ATR 2.06 BETA 1.52 Short 2.61% Inst Own 84.10%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• Watch for action between 51.40 and 51.20 and see if this gives some indication of a bounce off this level. If this breaks down on this level , wait for it to reclaim later in the day and look for the long then
• Look for a long on a pull back if this hold over 52 after the opening
• Consider a scalp short off 52.50 if the tape give you the chance at the open and clear this at vwap or 52
• If the trend is strong take a position at any retest of the SMA on the 5 min
Reading the Tape
This was all tape. I added even on the stall back a bit after missing the action that matched the game plan better.
Trade Management
Trade Notes
I had this laid out to work this off 51.40 and missed the opportunity out of the gate just waiting for extra confirmation. I hesitated at 51.60 as well. This would leave me feeling like I was chasing and had 40 cents at risk which was way reasonable. I needed to let this try and break 52 before bailing out for the quick win. I would follow this up by missing this level again as well the scalp short of 52.50 as I had laid out in the morning.