Chart, page-358

I don't want to take anything away from all the bullish posts on this thread, or the hard work behind them. But this is a dangerous market; lots of forced selling, sometimes into illiquid markets.

Peak to trough PAR is down 72% in a month. If it goes, say, another 5% down to 77%, that would put PAR at ~$1, so another 30% down from here.

I think XJO has a ways to go yet on the downside - it is hard to wrap your head around how badly the economy could get hit. I have no opinion on when PAR bounces, but fear a close below 1.3 could bring on another wave of selling.

I want to start a position, but would rather miss the start of the rebound than take a 30-50% haircut from the get-go.

I hope everyone is being sensible about position sizes and risk management.