Selling over the past couple of trading sessions has been violent and panicky, as steep declines in the price of bullion were accompanied by the breaking of key technical levels, sparking stop-loss selling, margin calls, and then risk managers and asset allocators offloading commodity holdings to build cash levels.
When people are promoted, Murnighan explains, it is critical that they stop doing the technical work and start handing out more assignments that they used to own.