Sitting with the leader

MU was already one of the memory names I cared about. It had strong earnings, failed to break out during the market correction, then printed the shakeout and got right back into the base as the market was trying to turn. That was enough to move it near the top of my list.

Entry

$413.83

Stop

~$407

The market had followed through and my recent trades were getting traction. MU opened near the top of last week's range, right under the pivot, so I started it in the base at $413.83 with the stop under last week's low. It had to work quickly or stop me out quickly.

At 10:03 AM, MU was +0.55% while the rest of that list was red. It was the first red-to-green name on my screen, and to me that meant institutions were buying the dip right away while the tape was still under pressure. That was enough confirmation to keep sitting.

I had the add planned from the Apr 19 report: pullback into the base pivot, see if support held. It did exactly that, then I saw a negative memory headline and froze. Screwed up add. The chart gave me the level and I let a headline override price.

I started with 20% at $413.83, and once MU started running the position got big fast. I took pieces at $666, $769, $685, $963, and $1010 so the rest was easier to sit with. The trims were there to keep me sitting with the rest.

My plan was the same the whole time: trail the 4-week and close the rest on the first weekly close below it. Good earnings getting sold into was the first warning, then MU lost the 4-week for the first time in the trend and started trading wide and loose. That was enough. I closed it and reset.