Yep, there was enough demand to absorb the supply today, so that is a good thing.
But there was never a chance price was going to completely recover, on low volume (shakeout).
There is no doubt some damage has been done now in the near term,
and with the strong volume again today, some holding decent positions may be feeding them out in a manner to satisfy the buyers, without damaging price any more.
Price might just have to consolidate down at this level for a while now, as I expect if it attempts to recover all the lost ground too quickly, it will only draw out supply from those retailers who now have a serious concern, and are considering 'getting out', if /when price comes back to them.
Best to move sideways for a while, and get price away from this event, let emotions settle, and volumes subside.
cheers
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