Regis: A strategy I use when I spot so much premium priced in in advance is to put on OTM spreads for a credit. Even if the price moves towards your spread, the decay works for you. RMBS was too dicey for that, though, at least for me. I did it with RIMM and used the credit on the call spreads to go long puts.
Only about 40% of the shares are owned by insiders and institutions, so my guess is that when RMBS didn't take off for $100 today, a lot of small money will be anxious to take profits. Longer term, their legal eagles have proved themselves a force to be reckoned with.
RMBS is not your normal stock. The long term picture is much brighter for it now, but there is no telling how the knee jerk reaction will go. I don't see substantial buyers coming in quickly, but shorts will have to cover - if they didn't cover on the big drop last Thursday.