Why are AH watchers selling in droves? Because we believe that gear prices will take a big haircut post-patch 1.0.5. This may take a week or two to happen, but the time will come much more quickly than most anticipate. For details why, see this thread: http://us.battle.net/d3/en/forum/topic/6714702877
During the last 3 days, gold and gear prices creeped up slightly for no apparent reason, which was great for people trying to unload (I converted my best items into RMAH winnings). The upward price momentum, however, was stopped cold by the new PTR update.
The Hellfire Ring has been nerfed, which means there is pretty much no reason to gear up to farm the high MP levels. Since that's the case, speed farming the low MP levels with high MF gear will be the way to go. If you haven't already, I suggest selling your best gear now, then rebuying it at a fraction of the price a week or two after the patch 1.0.5 hits.
Join the selling party and profit!