Micron's monster post-earnings rally is almost gone. Traders divided on where it goes next

Samuel Boivin | Nurphoto | Getty Images Micron Technology 's monster post-earnings rally is almost gone. Shares of the maker of memory chips traded as low as $1,023.65 on Monday, down 18% from the 52-week high reached on Thursday. Monday's session low is also nearly $25 below the stock's closing level on Wednesday before Micron reported fiscal third-quarter revenues that blew past analyst expectations . The sharp about-face has spurred some dip-buying among options traders in Micron, but flows across the sector are sharply divided depending on the stock or ETF. Stock Chart Icon Stock chart icon Micron Technology shares in the past five trading sessions In Micron, call volume outpaced puts but more calls were likely sold than bought, according to data from ThinkOrSwim. Of the $2.2 billion in premium traded by midday Monday, $1.6 billion was tied to calls, with seven of the top 10 contracts by volume calls, and all expiring Thursday, SpotGamma data show. The VanEck Semiconductor ETF (SMH) added about 3% on Monday — despite Micron's dip — as Seagate Technology and Western Digital added 8% and 10%, respectively. The latter two stocks rose following a bullish initiation by Melius Research that said both could rally roughly 60% from current prices. Call volume was almost double puts across Seagate and Western Digital, though the two traded less than 40,000 options in total. …