SNDK—this position is pressing me a bit too hard, I can barely catch my breath. The contract open interest is stacking higher hour by hour, yet the price can’t even get close to the edge of the moving averages. On the 4-hour chart there are more bearish candles than bullish ones; each new high is lower than the last. The more the longs add to their positions, the more the whole order book sinks downward—this isn’t accumulation; it’s real gold and silver being sunk to the bottom of the water. The active buy-side orders look like they make up more than half, but the absolute volume is pitiful. Those buy orders tossed into the order book barely make a splash. Sure, the spot-buy wall looks thick, but if the price doesn’t recognize it, then it’s all for nothing. Big accounts have a lopsided long-vs-short ratio that’s downright frightening—longs are 70% or more—but when this kind of positioning keeps piling up while the price drifts lower, the exits for the stampede later get even narrower. The more people who hold it up, the more orderly the collapse will be. I’ve set my direction for this trade: any rebound is feeding meat to the shorts. Until the open interest falls apart, don’t go catching.