They will be trying to protect capital and if they sold higher & bought back again lower they have made money rather than having seen profit be eviscerated before their eyes. We can be casually contempuous of people for selling with the intent of buying back at lower prices, and ascribe it to impatience and what-not, but if they've banked profit and protected their capital then they probably won't be too bothered. It's the Alpha delays that have created the window of opportunity for them.
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