The shorters have known for weeks that this day is coming......so they aren't shocked by the events unfolding. Also shorters work on risk : reward so it is pretty obvious that as the SP has fallen the risk : reward is less attractive than when the SP was a $6, $3 or $2 etc. So yes the shorters will still want to play but their exposure will be reduced in accordance with the lower risk : reward ratio.
How to win big on Slater and Gordon, page-78
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