RMS August Broker reports, page-43

To sell there has to be a counterparty willing to buy. In this kind of market there would be silence aka no bids. So a buyer might throw a bid in $10 lower...yours comes the reply. More silence ..drop the bid $15...YOURS comes back. This buyer might cut his losses and hit any available bid he sees to join the trade...so on and so forth. Eventually the selling is exhausted...and the bids come in as the Traders are woken from their slumber. $1680 he says MINE and buy up to $1700.....The sellers are also jumping back to hit the offers and take their profits. And here we are back to $1790 just sitting under the $1800 dollar handle....saw this type of action in the currency markets many times in the 80's. Nice Ambush ..the market is cleared out of all the stops and the game starts all over again. Of course the memory of the Monday am action is not quickly forgotten by those that got burnt.