I'm in a philosophical mood lately. Always chasing that complex feedback mechanism some people despectively call trend. And now I realize it doesn't feed on wins. It's losses. Hypothetic or real ones. Only the negative side brings in the dynamics. Stocks may go up for years, but the dynamic switches to self-perpetuating feedback mode because of the fear of losing out, the fear of being too late. The fear of "everybody but me". Copper may go up for years, but not before the first electronics companies get the creeps it really gets interesting. Oh boy and in futures... Wisecracking and posing as the big knowall gets most people in. Then there is waiting, but the stop is lingering and behind the stop is the margin call and behind that margin call the next person's stop... A sweaty, uneasy wait until finally the market - innocently hunting for trade volume - decides upon his prey, some vultures annoyingly chasing him. It goes a little here, it goes a little there, but not before someone's pain kicks in somewhere, willing to bail out in the most fragile of moments paying a high cost to do so - not before that anything worthwile will happen.