"They saw the opening bid early morning at a decline from Friday's close and jumped the gun and took profit fearing a much bigger decline. Had the opening bid was higher than Friday's close even by a couple of cents they would have waited it out for another time to push the sell button. IMO"

I think you're bang on Koo....fear based selling, and if the drop was caused by those shorting in order to accumulate, then they can cover off and add to a long position.