I just noticed an interesting point in the market — one trader took a serious hit. At 3 a.m., when the market was starting to recover, his short position of $332 million was partially liquidated. A third of the position disappeared, and the profit dropped from $24 million straight down to $4 million — a loss of about $20 million in just a few minutes.

What’s interesting — the trader didn’t give up. After the liquidation, he reopened short positions, though smaller, totaling $266 million. Apparently, he still believes in his scenario. Such moments always show how volatile the market is and how quickly the situation can turn against a trader’s position, even if it seemed everything was under control.