I'm not sure the tax loss thing works with KRY since it's only value is a deal/settlement that just like in the permit days could come at any time. Anyone holding long term KRY would (I think) not want to do a tax loss trade unless they were getting out for good. If they planned on getting back in they would have to wait 30 days to avoid a wash sale (in the U.S. markets)

What MAY be another factor is the "early December" bond holder issue. Some may figure that without news they'd rather get out before the bondholder action resumes.

I'd still put my money on the swing/momentum exit. That is exactly how I would have played it and when I swing trade or momentum trade I pick my exit day but often place an EOD order or keep an order I can execute before close. I would have pulled the trigger as soon as the late afternoon broke down. .35 was a short term support level.