Micron earnings and inflation data: What Jay Woods is watching this week

(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) NYSE insider Jay Woods is keeping a special eye on Micron this week as he sees the potential for the semiconductor manufacturer, which he called the "stock of the year," to slide around 15% after posting its fiscal third-quarter earnings. Micron's latest earnings report is due out after the bell this Wednesday. Woods, chief market strategist at Freedom Capital Markets, said Micron stock has fallen six of the last eight times they've reported, with an average drop of 6.5%. The stock has more than quadrupled this year, rising more than 300%, with Woods pointing out its are about 15% above their 20-day moving average. Now, the question on traders' minds, he added, is whether it can keep this momentum going. "Average trader's watch religiously when looking to see if things are a little overextended. Then you talk Fibonacci extensions — it's on its sixth extension higher — this is very rarefied air, so if it is to go to another extension — we're talking up to $1,500 — I do not see that happening," Woods said. "Look for this to pull back. If it pulls back, pull back down to $1,000. …