Ummm... I was there, I was shooting the tracers, and all of us
saw the lights bouncing UPWARDS as they hit the water and then
extinguishing. They didn't enter the water at all.
We weren't at such a high angle where your "bent" stick (it's
called light refraction) theory could apply. We were in a trench on
the beach, not up on a hill, and our rounds hit the water at about
100 to 200m away from our positions.
We're not so kampong we can't tell the difference between something
bouncing up several feet into the air and light refraction
lah.
The tracer element is not a integral part of the bullet. Itis
basically a chemical coating on the tip of the bullet. It burns
because the bullet is red hot as it leaves the barrel - thus
heating up this chemical coating. But as the bullet enters the
water, the rapid change in temperature causes the red hot liquid
phosphorous coating to part with the bullet.