$Micron Technology(MU)$ $SanDisk Corp.(SNDK)$
A market top on 6/3/26. A retrace down 50% of the bull leg to 656.11 on 7/29/26 (3/31 to 6/3/26). A move back up to the upper dash trend line on 8/17/26, then the algos started dumping. QQQ retraced to 50% of its move again between 656 and 748 (6/3 and 7/29/26) early this morning.
It seems like a bullish area to be in?
SOXL bounced off its 200 day SMA this morning. Is it bullish?
QQQ seems rather repressed given the AI boom and substantial earnings of most companies involved. Trailing PE ratio of QQQ sits about 30. Dot com era it was around 190.
Cramer for CNBC, for what it's worth, mentioned the other day many techs are trading cheap compared to earnings. Stocks in general are trading cheap compared to earnings. Too cheap. This equates to: "there is too much manipulation in share prices at the highest levels of market participants". Summer time is slow, but investors continue to leave the market.
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