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Last night, the market was a bloodbath, with $SNDK plummeting more than twenty points, which was heartbreaking. However, I think tonight won't be as bad because it really dropped too much last night. Normally, after an oversell, the market will have a significant rebound, just like a ball bouncing after hitting the ground. Looking at the contract data, $SNDK is likely to rise because last night's massive drop wiped out a large number of long positions, which usually leads to a rise. —————————————————— Let's first look at Sandisk's short-term contract data. During last night's big drop, Sandisk's contract open interest steadily declined, and the long-short ratio fell, then rose, then fell again, indicating that last night's crash killed off many long positions. Now let's look at Sandisk's long-term contract data. We can see that during Sandisk's recent continuous decline, a lot of long positions have accumulated in the market. I believe some of these are from big players. Combining the short-term and long-term data, I think there will be a rebound tonight. Because so many longs were wiped out last night, the longs still in the market will definitely try to save themselves. The principle of "lips are close to teeth" is well understood; big players seeing the market slaughter last night will surely want to save themselves and exit. After all, no one wants to be a victim of factional struggles. —————————————————— However, I don't want to go long for now because I don't want to bottom-fish during a downtrend; it's a bit risky. I prefer to short on rallies. This is my current thinking: there might be a significant rebound tonight, but after the rebound, the downtrend should continue.