The top reason to drop right now would be traders selling out on a break of trend. There are a lot traders just front running the next 'scheduled 9 month bubble' which might not happen.
A much simpler explanation is that hedge funds or other funds that are interested in buying into the auction are employing traders to push the price down so they could bid lower.
They do it all the time on a regular stock market (push down before buying
en masse). That was described brilliantly by Jesse Livermore, who was always testing the downside of the market before buying a larger block. Read "Reminiscences of a stock operator"-a classic.
There are some great quotes in that book. I'm gonna have to add it to my reading pile.
http://en.wikipedia.org/wiki/Reminiscences_of_a_Stock_OperatorHere are a couple of my favorites:
"Old man Partridge's insistence on the vital importance of being continuously bullish in a bull market doubtless made my mind dwell on the need above all other things of determining the kind of market a man is trading in. I began to realize that the big money must necessarily be in the big swing. Whatever might seem to give a big swing, initial impulse, the fact is that its continuance is not the result of manipulation by pools or artifice by financiers, but depends upon basic conditions. And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine."
"I should say that a chart helps those who can read it or rather who can assimilate what they read. The average chart reader, however, is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to its logical limit he is bound to go broke."
