This Stock Should Be Kryptonite For My Portfolio

As a contrarian at heart, Micron (MU) should be Kryptonite for my portfolio.

It isn't right now. The AI buzz is too loud and the chart is too clean to argue with.

This week's 13F filings showed us a who's who of institutional money adding to Micron through the recent selloff and the trading range that followed. They were buying while it looked broken.

Shares closed above the 50-day moving average Friday, the first close above that line in almost a month. They also cracked back over $1,000. Round numbers cut both ways, and this one is behaving like a catalyst.

Price is sitting just underneath the top Bollinger Band. Clear that and you get another volatility rally, the same setup that took MU up 40% in six trading days back in early May. Smaller this time, given how much attention the name has now, but still fast.

The RSI is nowhere near overbought, which leaves room overhead.

Earnings land 9/29, a little more than a month out, and this name tends to build strength into the print.