During my 50 years trading stocks and commodities, I have seen many panics related to world events . On average, the panic has been dissipated quickly and after the big down day, and perhaps a further terrible blow to force the trader's partners to force them out for safety's sake, (not one known to me, however who always says reduce by half), I have seen grand opportunities to haul out the canes. I have lost so many fortunes by being afraid of such things as Russia's entry into Poland and Hungary (a foregone conclusion), and wars in the Mideast. However, on the other hand, when a panic occurs because a speculator is weak, and there is an opportunity to squeeze, or there is more to sell to buy from the weak speculator, then invariably the market will continue until the speculator is wiped out. Thus, the market moves to create busts and booms, but only to take away the chips of those who can be bluffed out to fold.





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