> "What I don't understand is why the sudden move today?" time is information, so closing out an option (like a short or a futures contract) prematurely tends

> "What I don't understand is why the sudden move today?" time is information, so closing out an option (like a short or a futures contract) prematurely tends to eat value on average. however, in this case, the new information was so material and overwhelmingly bad, that you're probably correct that most should have closed out early and taken a smaller loss.