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Fast Money

Trading Micron

The Semiconductor Industry Association said Monday sales of flash memory chips -- those that are used in digital cameras and music players, jumped 48% in August.

Micron (MU) is a major player in the space and due to report earnings Tuesday explains Dylan Ratigan.

Pete Najarian belives Micron (MU) is still a bellwether and adds that an investor bought 27,000 November 11 calls in a single day. "The stock has been going up ever since." Najarian thinks MU could “turn the corner” after a disappointing quarter.

Najarian also recommends keeping an eye on SanDisk (SNDK).

Guy Adami says MU is off 20% since Q3 and if they put cost cutting measures into effect, he thinks the stock is a buy.

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Trader disclosure: On Oct. 1 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (HAS), (ATVI), (INTC), (SWY); Najarian Owns (GS) Options; Finerman's Firm And Finerman Own (FLS); Web Caller Roger Nesham Owns (DE), (AGU)