Micron's Strong Rally

Micron updated guidance for Q2 and now expects revenue in the range of 7.2B to 7.35B from prior guidance of 6.8B to 7.2B and of consensus estimates of 7.02B. In addition, the company expects EPS in the range of $2.70 to $2.75 from prior guidance of $2.51 to $2.65 and consensus estimates of $2.57. The business couldn't be stronger and while recent volatility in the stock market had taken MU under $40 at Monday's close it looks to have made a double bottom. Looking for MU to continue to rally, however the market is in control here and a continued downward trend will derail the recent move.