G - I don't think it was whoever bought in geting out. This is more of the typical KRY market action.

My best guess today is that when we had the run up a number of either:

#1 long holding frustrated holders did not sell when we ran up thinking "maybe this time it is for real"

#2 momentum players jumped onto the runnup thinking something was up with KRY.

We held this longer than expected considering there was no news. Things started to break up at the end of the week before T-day and more last week just barely holding the levels.

My bet would be that most of today was momentum players exiting for greener pastures. The technicals were signaling the momentum was over and once they start to exit they normally take a few retail longs with them in a panic. To me the volume seems about right.

The good news is the big player who ran us up does not appear to have left. (All that volume was a mixture of big buyer(s), swing traders and momentum traders IMHO.

The bad news is since we don't know why the "big player(s)" wanted in, we don't what WILL make them quit.

KRY's history has always been to fall on it's own gravity with no news. At least we held up for a while and it ain't over yet. I'd just watch very closely for a panic move or capitulation swing over the next few days.