The SP will be driven by events to come. None of which have...

The SP will be driven by events to come. None of which have actually come since the March 26 announcement where the SP was in 50's from memory. The first of those events is an easy low risk notification of the submission confirmation.

In the meantime, traders do what they do but there are other market participants who are jostling for positioning for longer term events. Traders need to be nimble. Some selling out in the 60's on good profit. Some in the 90's. They do this with large positions to make it worth their while, so if it goes the other way, they get out with large positions causing big drops. Any late comer traders who get trapped up high will leak those shares back in the market with their stop losses over the subsequent days.

Anyway, that's all probably obviously to all who have been in markets for a while. To stay in keeping with LED's analogy, the big picture is there is tsunami warning. The tide is rising in large volumes. All the sensors far away in the ocean gave off their signals for those paying attention in the 30's and now with evidence of volume and rising tides that are not subsiding, many are packing their life belongings and heading for the hills. When the events come it will be too late to take any action in either direction.