New Delhi, June 22 -- Last week, I wrote that retail traders were overleveraging themselves and showing signs of extreme confidence in the financial markets. While that is a good sign at one level, as it shows no sign of panic over the Israel-Iran conflict, it invites higher volatility. That is because prices tend to gyrate in response to news developments, and retail traders often behave irrationally. Times like the present are called "fog of war" when there is little or no clarity about which way the dice will roll in the near future. Traders tend to derive market guidance by looking at asset prices for signs of guidance. For example, gold and silver prices eased last week, and traders took it as a sign of limited hostilities and low pr...