You are way better off assuming that no one behind you sees you, I have a rear blinky light that hurts to look at from Planet Bike, it's great, but I always look behind me before turning left and a signal, if someone doesn't see your arm sticking straight left in front of them on a bike with a bright blinky light then nothing is going to stop them from running in to you.
of course I tend to also use my blinky light any time there is much traffic.
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