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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