There have to me some massive sellers...

[TrueValueSeeker]

Good for you Mountainbiker, and I really mean that. You have big uns. I have a few shares in two different accounts, and a few LT call options. Want to buy more, but still have memories of other situations like this (CMRE anyone?) which turned out badly. Sitting on my hands until I see stabilization in the price. Probably means I miss a good part of the move back up, but so be it.

Looks like the die hard longs are gone or were forced to sell into this dip. Now comes the smart money.....

I disagree, I know a ton of longs that still haven't sold a single share. As for me, I did sell, but not out of fear and not permanently. I had continued buying shares from my original entry point of $13.26 all the way up to $21 and raised my average price to nearly $18. After the ER, I knew it was going to continue to drop, so I sold all my shares for small profit in order to lower my average price. I would not be surprised if many other longs did something similar, it depends on how low their average price was. Anyone that decided to end their position permanently in the stock based on the current dip can't be considered a "die hard long" anyway.

I  have sold all my shares after ER release. I do not like fundamental ER presented at stock  price $16.00. It is becoming much better on current stock price based on valuation. But I am still on the sideline waiting stock price to hit bottom. If there is a up swing, I am still part of it since I still have Jan 2015 and 2016 call options.