Dear Action Alerts PLUS Subscriber,
The recent action in Micron Technology (MU) tells me that this stock isn't going to pull back to give me a chance to add to my stake. So I'm going to buy 1,500 shares of the memory company, before it runs any higher.
Micron said last quarter that DRAM demand is picking up more quickly than expected, and as the many bears on this stock begin to capitulate, I think we'll see $17 to $18 over the coming months.
P.S. El Paso (EP) priced the final 8.8 million shares for the Western Energy settlement at $8.35 a share. The stock is trading above the previous two offering prices, and I don't expect this time will be any different.
Regards,
James J. Cramer
DISCLOSURE: At the time of publication, Cramer was long El Paso and Micron.