Good morning, everyone, and a happy Thursday to you.
Well, I admit it, I was hoping that for whatever reason overnight that Micron mania would fade, but no such thing has taken place. It is at lifetime highs and is going to vault massively higher on the opening bell. As a reminder, I have no position in Micron, but this is definitely going to be a gut punch due to related positions I’ve got.
In turn, equity markets have received a vitamin shot and are higher across the board. Most equity indexes are up about two-thirds of a percent (such as the /ES below) whereas the tech-heavy /NQ is sporting a gain three times that high.
Thus, the fear index expressed by volatility has collapsed to virtually nothing.
With all the semiconductor-gasm going on, I would at least like to point out one simple fact: South Korea, shown here via EWY, should likewise by blasting to lifetime highs. Instead, it has hammered out a very obvious lower high. Micron is one company, people, and this may be a one-hit wonder. I might just short EWY again, which brought me terrific results the last time I did so.
In the meanwhile, I’m bracing myself for one of those mornings which just straight-up sucks. My training as a younger with Missile Command should provide the expertise I so desperately need at fending off the damage.
