What is acricketer missing? Almost a full days average volume has traded in the first hour. Why would an institutional trader sell on options friday? NOPE,something else is going on I think. It is fair to say that options traders and the mms could be walking the price down to protect 2.5 calls but they are already well below the 3's and that was where I believe the most action was.
That was my point. It was sloppy selling by one institution that triggered some extra selling on a day when the overall market was weak. The dollar volume wasn't that great. The trading volume was also not that great, considering the sudden increase in implied volatility. Agree that much of this could have been options expiration related, rather than intrinsic news. The 2 1/2 call strike had only around 100 contracts closed out, so it wasn't a big deal.