Stocks to Trade 3-23-17 | MU-Micron Earnings Report

$MU 3-23-17 Before Earnings

$MU 3-23-17 Before Earnings

Here’s Why Micron Technology Is Poised to Report Robust Earnings on Thursday

Shares of Micron Technology (MU) were trading up by nearly 2% to about $26 in early afternoon trading on Wednesday, the day before the chipmaker is set to report 2017 second-quarter results after the market close.

According to analysts surveyed by FactSet, the company is expected to report earnings of 69 cents on revenue of $4.63 billion. For the same quarter last year, Micron Technology reported a net loss of 5 cents per share on revenue of $2.93 billion.

Up 147% in the Past Year, Will This Newest Product Push Micron Technology Inc. Even Higher?

Shares of Micron Technology (NASDAQ:MU) have set the market on fire in the past year, thanks to strong memory prices and lower per-bit costs that have led to impressive financial gains

This favorable pricing environment looks set to continue as memory demand will increase at a faster pace than supply in 2017. What’s more, the long-term prospects of the memory chip market appear to be bright as IC Insights expects it to hit a size of $110 billion in 2021, up from $77 billion in 2016.

How to Trade Micron Technology, Inc. (MU) Stock After Earnings

Nasdaq constituent and semiconductor memory specialist Micron Technology, Inc. (NASDAQ:MU) reports earnings Thursday night, and investors are sure to have their eyes on trends for Micron’s DRAM and NAND chips.

Let’s take a look at recent announcements for MU stock, the price chart of Micron and what, if anything, the options market is suggesting for bulls, bears and less-directionally motivated traders.

Today’s Trading Lesson…

Day trading rules are the gorilla glue that hold your trading together.

Without rules you don’t stand a chance. With rules, well, it’s less difficult.

Yes- day trading is that challenging.

Day Trading Rules are the Ultimate Sign You Take Trading Seriously

There are so many moving parts, it’s easy to get seduced into the action. The action is what we crave, but it’s patience that pays the bills.

We need day trading rules because we can’t predict the market. You may think you can, but trust me, you can’t. Nobody can.

What you can do however, is know exactly what you are going to do. This is where the money is. The more specific your rules, the more consistent your P&L will be. Take that to the bank.

Let’s dive into my 7 trading rules. Leave a comment if you agree, disagree or simply want to add your own rules to the conversation…

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On the Tape Today | 3-23-17

$ADBE 3-23-17

$ADBE 3-23-17

ADBE Adobe Systems traded into a bullish u-turn yesterday setting up a new swing trade long. Game Planning a $126.75 buy-stop with a target to sell $ $129.75. Stop loss on a close below $126. If the stock market establishes a new momentum move higher, looking for a target of $133.


$SPY 3-23-17

$SPY 3-23-17

Tape Reading the SPY ETF

$SPY price action produced a “bullish u-turn” on a solid 91 million shares traded.

Today’s close will speak volumes about the immediate future of the stock market. Technically the market should trade higher after yesterday’s reversal, but a closer look at the day shows a neutral bias at best.

The hourly charts showed minimal conviction, which makes the close above the open deceiving to interpret.

The game plan for today centers around the first half hour of trading. Obviously the broken “Trump Trade” needs to prove it wasn’t broken. Many talking heads are referencing the longer term bullish trend in order flow to “prove” the uptrend remains intact.

Yes the trend which began after the election still points higher, but I can’t help but focus on the distribution over the last 3 weeks.

My bullish conviction level has declined. Let me be clear, long remains the correct play, but I am looking more aggressively on both sides of the tape.

Stock Market Today: Heatmap of the S&P 500

$SP 500 3-23-17

$SP 500 3-23-17

Stocks to Trade 3-23-17 | Thursday Edition

Short-Term Momentum

Bullish Momentum: RH, MAR

Bearish Momentum: htz, mnk

Long-Term Order Flow


Bearish Order Flow: mnk, lb, nfx, hes, cop, dvn, trp, fslr, grub, esrx, kss, sm, tgt, jwn, prgo, panw, dks, dltr

2X Normal Volume: MNK, NKE

Inside Days: aapl, x, amat, csx, sbux, mgm, tsm, wmt, wmb, abbv, momo, ebay, gild, amgn, symc, low, tsla, cag, esrx, gps, rio, hbi, mcd, vlo, kss, ma, dg, dltr

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