Waitsia, page-13

Back on 6 Feb, when the market correction hit, I said "IMHO [..] today's sellers will be badly burned". It's early days, of course, but the risks are now there for all to see:
5 Feb was the day of max turnover - the day that most people sold. That day, the All Ords hit 5893.8, and most of the panic selling would have been below 6000. After a nervous couple of days, "confirmation" that they had got it right came 3 days later, when the market opened at 5892.8 and headed south. But then the market started inching back up - nothing dramatic, not all in one direction, but just managing every so often to go on a little bit higher. Now it's at 6,000 and most of those panic sellers are underwater (not the smart ones that got out first, of course, and anyway they're probably the ones easing back in). So now if the market creeps on up, those guys and gals have got some pretty nervous times ahead - they probably won't buy back in yet because they would look pretty stupid if they bought back in at a loss and then the market tanked again as originally expected. And anyway it may dip below 6000 again a couple of times (more "confirmation"). So they will hold, and then watch their losses climb.

BPT has behaved similarly, but the % movements have been greater, as with many individual companies.

If you want to profit from a correction, you have to be right twice: once when you sell and again when you buy back. That's one hell of a lot harder than it sounds, and I know that in nearly all situations it's beyond my capabilities, so I tend to hold for longish periods and just cop the price lurches.

GLTA. And to those sellers:- learning is expensive. And I might be wrong???......