I'm trying to catch up here after finishing my seminar. I could only watch on my PDA, but here is what I think:

We always think of taking out stops only on the low end, but it can happen on both up and down movement. Many people who trade like I do set a short term gain goal via a bracketed or upper stop trigger. When the price hits their targeted goal on the upside the order goes through at the market.

If the MM can't take out stops on the downside due to buying support, they can move to take out the swing traders like me (who everyone hates) on their short term goal gains.

Bottom line it was that or a few program trades from either weak longs looking for a pump to get out. The recovery was impressive.

Bottom line is I would not say it was someone wanting out. Short term traders don't think the same way as buy and hold longs.