Sure enough, when liquidity is poor, the fewer retail investors on board, the better. The Whale (a stock in the Chinese stock market) has rebounded from the bottom and is incredibly strong. Molt (another stock in the Chinese stock market) is in a slump. Every liquidity injection point is also a good time for liquidity to exit. In a bull market, if retail investors get on board, they follow suit and push the price higher. In a bear market, if they get on board, they get dumped.