Jan

22

GatorToday is one of those tremendous days in the market that reminds me of the Battle of Ramree Island that took place in Burma between January and February of 1945.

I have not seen a first half of month decline in the market this severe for many years. Vic and Laurel have frequently discussed symmetry and V-shaped recoveries, and I'd add that I have never seen an earnings season beginning with a decline that has not been met with a sharp recovery.

The above picture shows what the shorts, like the fighters at Ramree Island, are going to face very soon.

Caroline Valetkevitch notices:

NEW YORK (January 23, 2007. Reuters) - The Dow and the S&P 500 rose late on Wednesday, rebounding from earlier losses of more than 2 percent each, as investors bought back shares they had bet against and the banking sector gained. "It looks like it's short-covering and also all financials are really, really running right now," said Todd Clark, managing director of stock trading at Nollenberger Capital Partners in San Francisco.


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