Well, this sucks.
No, I do not have a position in Micron. I did short it on Wednesday, yes, but I covered at a small loss shortly before the close because, I dunno, spidey sense. Thank God.
Still, tomorrow morning is going to be a major kick in the balls, because I do have puts in SMH, which is aping Micron’s move. The main mitigating factor is that they are January 2027 puts and WAY out of the money, so it won’t be a complete prison rape.
The thing is, I had a terrific Tuesday and an even better Wednesday, so I should have known I was going to get pounded. I confess, I was hoping Micron would yank the rug out from under the market, but it has provided it another ladder instead. I’ve got a series of “problem” symbols in my positions (although you can see by the red quotes what a good day I had on Wednesday before the Micron hit the fan).
One flicker of hope is that, even with this huge rally in semiconductors, the /ES hasn’t even managed to beat its high for the day.
And, more importantly, the big picture on the /ES is as pretty as ever.
Anyway, I’m fully prepared for a swift kick in the balls tomorrow morning.
Oh, well.
I thought Micron would surprise us, and although it did, it wasn’t the kind of surprise I wanted.
