Yes, to move higher there needs to be a purging of weak hands. That's what took place this morning. Every trade was sell, sell, sell. Difficult to watch, but a necessary step in the bigger picture.
CEO wouldn't be buying at this level if there was nothing more to come. Need to keep in mind the enthusiasm on the call about the strength of the current contracts, and that the remainder of the year will be as strong if not stronger than what we've been shown in the first half.
So the best is yet to come.
Remember, there will be forward stock splits on the way up.