Zeev,
IMO, one of the reasons we are seeing such extremes is that folks, particularly J6P is still buying every dip. It actually was so bad when you & a couple of other brighter traders called a turn that I actually faded you all & stayed short. The folks on this thread & elsewhere were going long, covering their shorts & starting to go long, etc.
I'll admit I was a very nervous short when I found myself pointed in the opposite direction of you, AllansAlias, & other notable traders. However, it just seemed that every dip was still being bought. After that sudden ramp to NAZ 1426 even more folks were thinking NAZ 1540 - 1700 range.
Luckily, I was right for a change <g>.
FWIW, I did cover my shorts late last Thursday & started going long as the relentless selling seemed to be over done. I traded my longs for a few shekels until yesterday & kept increasing my exposure............
OOF
Now, I'm looking at a lot of red too.
I know the market can continue to go down even in these deeply oversold conditions. I do feel less nervous being pointed in the same direction as you FWIW. Right now I'd gladly take a manufactured short squeeze for a day or three <gg>.
Tim Ö¿Ö
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