Why the drop? Honestly? Who knows. You can conjecture to the moon but there's no way to prove any of it. It is what it is. And, if you've got any time under your belt in watching this equity, you know that dips, and pulses for that matter, are typical of the way the market plays this equity.
Speaking of playing....PM last sale $23.37. Let's see how it plays today...
It good ole profit taking and shaking out of the weak hands- happens all the time on but run ups- the Market makers will drop the stock way more than you would think and panic the weak and scared money into selling- usually withing a few days it is much higher than it started the downdraft and you end up kicking yourself if you sold! They want you to sell so they can buy on the cheap and then they let her run!
You must realize this stock is going to earn between $3-$4 per share this year- this WILL BE 30-40 in 12 months!
DO NOT SELL- you will regret it!
I sold out a week before earnings to make sure they were going to earn what alot of folks thought- and guess what - they did!
I bought back in today 5500 shares and will continue to add up to 20k shares on dips
The only problem with selling out is that you create a taxable event and erode your buying power. I believe that MU will continue to be a moneymaker and have found that stocks like MU will keep moving up and that trying to sell and buy back is much harder then just holding for the run up. JMHO
Sentiment: Strong Buy
There was a ton of profit-taking today with not a lot of buyers for most of the day is what I saw on my screen for a lot of stocks. It may have flushed out a lot of those with their fingers on the sell button for days now especially after the earnings pop. I grabbed a little around and under $23 today. If it stumbles tomorrow I may grab more lower again. I'm hopping for another run to $24 I got a feeling we are going to see a relief rally after the jobs number no matter where it comes in. If it is weak which most believe it won't be then the Fed is back in and if it's around 200k I think the market applauds it. You knew MU longs were ready to sell today when they dumped the shares a minute or so before the open if you noticed.