Someone wanted out after 10 am this morning. The SP reacted by dropping a couple of points. The selling was relentless after that. With no buyers waiting in the wings for the "dip", the stock dropped nearly $5.
I would continue to look for selling into strength. This is a very professional way that institutions trim down their positions without tanking the SP.
I think whoever was selling isn't done selling either. Did you notice the volume on the weeklies (puts) today!?! Into the thousands on the the 255s and 250s. Maybe just adding cheap protection in case it drops.... But if I was going to sell big blocks that would hammer the SP ( since there seems to be few buyers ) I'd like to make some back anyway possible. - PJ