Another 3/4 months for the appeal to be completed/decided
This is probably the base reason you're seeing the bid swoon. Short term holders are voting with their feet, figuring to come back at end of summer. Without any (other) news of note, or massive earnings release between now and then, the money is going elsewhere, as noted by today's. But though the sell side has dominated today the total volume is not an "ah #$%$ let me out" total wash. More along the lines of smart money going elsewhere for the 3-4 months. It happens.
Regardless, there's little guarantee there won't be yet another appeal after that, legal wheels grind fine after all. It is what it is. I think I'll just ise whatever downside occurs between now and end of summer to add to a longer term position....it's just my view but for now me thinks MU has pretty much topped out though longer term, into 2014, things look bright. Bottom line? There's absolutely no reason to chase this one. What a surprise, MU continues to be unable to completely satisfy. Heh! So much for my TA Pennant idea....it was setting up so pretty, too. Yet another example of how TA withers in the light of reality sometimes. So it goes.
In any case I'll hold the tranches gleaned today, unless an opportunity presents itself, and will continue about my trading business in other sandboxes. Gonna be a long summer me thinks.
Selling on heavy volume. I used the run up to reduce my position by two thirds. I hope it does go back up since I sold some April 10 calls. I won't be selling puts on this anytime soon.
I do not trust this market. I think it is 90% Bernanke air. Who knows when the bull market will end? I don't. I will not bet against it yet. But I want to be in cash for the time being (except I am getting into mining stocks since they are cheap and may be a good hedge).