SAMSUNG I’ve been watching this order book and my back is getting hot—total positions have shrunk by a huge amount in a single day. In the big-holder accounts, the long side makes up nearly seventy percent and they’re still adding positions. Retail investors are cutting losses, while big money is accumulating shares. This isn’t called distribution—this is rotation of holdings. The price is rubbing along just below the moving average; the daily trend is still pointing upward. The fee rate is back to zero, indicating the longs aren’t overly exuberant. The structure hasn’t broken. The shorts are still waiting for a breakdown to the downside, but what I’m waiting for is that acceleration after the large accounts have collected enough chips. Don’t use your small unrealized loss to guess where the operator’s bottom is.