So if less than 2% of the shares are up for sale, it isn't exactly a huge sell off.

I disagree with everyone blaming manipulators though. I have no doubt they could move the SP a few pennies but I think giving them credit for knocking KXL down 40% is not realistic, bordering on dillusional. The last NR disapointed a number of shareholders. Maybe not you or me or most on this board, but there are disillusioned shareholders out there, no question. Had this NR come when the markets were cooking, we might not have seen much of a sell off, but investors are nervous.

Good luck!