Lots of people long on margin from $28 to $32 thinking that was very solid support (some fully margined). Just like a short squeeze, a drop in price can snowball margin longs. A 10% drop can really panic a fully margined long.
Panic? more like capitulate a long. Margin squeeze has not happened yet but it is coming.
So, Whats the reason for buying then :)
you can keep buying, wait patiently (aka hold) swing some shares to pay for a weekend in Palm Springs all without the pressure of THE PHONE CALL from the BROKER- ouch!