Stocks Fall Sharply On March 23 As Reflation Trade Ends

Micron (MU)

The sellers were out in force today on Micron, with the stock falling by 6.5%. Volume levels were very high, suggesting plenty of new sellers in the name. Meanwhile, the RSI is dropping and pointing to even lower prices. The chart would suggest that a break of support at $85 sends the stock to $74. It could be worse because if $74 were to break the losses could mount up dramatically all the way back to that break-away gap at $58; ouch that would suck!

 

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Disclosure: Mott Capital Management, LLC is a registered investment adviser. Information ...

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