Being liquidated doesn’t mean it has to collapse. This big bullish candle—$LYN —just blasted straight up from the bottom of the pit back to the daily high. In the futures market, positions evaporated by nearly 10% overnight. The long side was just washed clean—yet active buy orders still swallowed up nearly 60% of the volume. Trading activity has exploded to the point that’s downright scary. More than 80% of the large accounts are still positioned on the long side. On the spot side, we haven’t lost the thread either: the floating positions have been cleared, but the direction hasn’t changed. This isn’t topping—it’s the start of climbing out of the pit. The shorts are still waiting for the second foot to land; what they get is only legs that soften from missing the move. The more I watch this, the more fired up I get.