There have to me some massive sellers...

[Fundy_]

Just a clarification to the post I made above, I am not claiming that institutions are not selling, but rather that they are not solely responsible for the massive drop in price. As I mentioned, they generally buy / sell over days / weeks or in large broker-to-broker block orders. They lose millions if they change their position in a single trading day. So, to summarize, institutions selling is a possibility, but pure speculation. The large volume could also signal a huge number of changed hands via retail investors. I know many longs have gotten frustrated and I know of many people who have been interested in NQ for months but did not like how high the price had gotten. The drop is almost certainly caused nearly entirely from retail, but institutions are possibly selling as well, there is no way to know unless we see another 13GA filed in the next 10 trading days. Personally, I doubt any major institutions are selling based on the ER, it's highly unlikely.