As the semiconductor group dances ever so gingerly upon its rising 50 day SMA, a lot is going on under the surface. Below one can see the softness in AMD and NVDA, both of which are down YTD. Each are approaching their 200 day SMAs, AMD is closer, but those lines need to hold if tested, as we know the old adage, “nothing good happens below the 200 day.” This is again a time to be small, with a decent cash position, and watch names that are acting well during this tech fragility. One such candidate is Micron. On a relative basis MU is higher by nearly 20% YTD, while the last 2 aging generals are in the red. The stock is higher 17 of the last 21 weeks, and trade has been very taut overall, a hallmark bullish trait. If this market selloff accelerates in the coming days/weeks and this name trades into the low 80s, I think that represents good risk/reward.