Yes. Because the sheep need something to panic about. If it wasn't this auction they'd find something else. 
It's a minor event but it completely controls the price at the
Moment. Traders are idiots.
Probably on the day of the auction the idiots will start selling because people might start selling. The news has to be really damn good for the price to go up.
Anything not extremely bullish and the traders will totally completely fucking panic and sell.
When we recover a week later they'll find the next event to panic about.