I watched level II all day today, and ETMM was the market taker that did most of the selling, which is why I think it was mainly one large holder liquidating. The pattern of selling was not really constant or panic, as he would sell for a while, let the bids build, then sell some more, but very few times did he lower the price fast. Looks like a planned sell into this NEWS... and yes, Trellus would be a likely seller. So, if he sold 4 million shares today, this would fit the pattern. The good NEWS is the price is rising, despite the occasional liquidation of some shares by this group.
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