I didn't want to get into a debate of formulas since many would not understand the depth and also when they produce false results. Applied mathematical models have their limits. According to basic formulas the regular house fly shouldn't be able to fly (ie: flat wings vs low Reynolds#)
John the analogy in your example is completely false. Water being thrown upwards has nothing to do with a hull being sucked deeper because it is in the opposite direction. This is a fluid subjected to pressure potentials finding the pass of least resistance(lower pressure). For example if I jump in a puddle of water, some water will find its way thrusted upward yet at no time was I being sucked down. Think of it as the seesaw effect in a fluid medium.
A good experiment to show this sucking down effect is tying a line to some ball(has to float well) and dragging it horizontally on the water. The results are quite interesting.