stage is set for the biggest run of 2012, page-302

Been thinking of a few possible scenarios to explain today's sell off,

1)a large holder had to offload and the herd followed in panic?
2)technical traders selling due to a bearish signal on the chart?
3)a capital raising coming – insiders?
4)bad news out of NY that we're yet to hear re fracking?
5)“sell in May and go away” has come early? (related to 1st scenario?)
6)and lastly – the issue of 3.2m options spooked everyone (but I doubt it)

Seems odd that it would sell off with the quarterly so close to being released.
Hate to admit it but I'm guessing No. 3 CR. We had approx 5mill cash at last ann and with the well completions + other expenses it's likely we've used up quite a bit of that.
Just my opinion.