Markets are up big this morning on the heels of Micron’s (MU) earnings report after the close Wednesday, with MU surging as much as 17% premarket.
The key to Micron’s surge was an upgrade to the company’s forward guidance, which is generally good for a strong bounce.
There’s no bigger catalyst for a company than for it to upgrade its guidance, and this is really important news for the semiconductor sector (SMH), which is up 3.4% as well.
Now everything’s breaking out almost across the board, and all we need is confirmation from SMH, which will happen when it rises to $265 — it’s at $254 premarket.
We also got the revision of the second-quarter GDP, which came in at the expected 3.0%, while Personal Consumption Expenditures came in at 2.8%, just below expectations of 2.9% — but that’s not enough to derail this morning’s rally.
Revisions don’t pack the punch as the numbers the first time they’re reported.
We’re also getting a big tailwind from China in this market, which is positive for the global economy…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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