Micron is a value trap, technical analyst Todd Gordon says.
div > div.group > p:first-child"> A handful of cheap stocks — including Micron, Lennar, Freeport-McMoRan and Goldman Sachs – trade at less than 10 times trailing earnings but have notched double-digit rallies for the year."Even though Micron has participated in the rally, this is not a catch-up trade you want to be involved in," Gordon said Thursday on CNBC's"Trading Nation.
"Average those [declines] up and give us about a 70% decline," said Gordon."If you were to do a trendline in Micron, a full 70% drop would put you right on top of the trendline which would be around $20 in Micron." "Let's start with fundamentals. You're going to see M&A activity is up, IPO activity is up, the markets are rallying, there's corporate cash on the balance sheet as far as anybody can see and you have a positive environment — you have a regulatory environment that's positive and you also have an acquisition environment that's going to keep going," Bapis said on Thursday's segment.
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