I don't at all believe notes have caused the drop,

I don't at all believe notes have caused the drop, but the O/S has increased.  The chart, however, looks like a typical retrace given the recent move and retail mentality at this level.  I do think any conversion, even small, feeds a bad trader's instinct to sell..  It's all approaching irrelevance anyway.  Bought twice this week well under .02 and couldn't be happier to have added at these prices.