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Monday, August 6, 2007

Mad Dog Mean

"Now remember, when things look bad and it looks like you're not gonna make it, then you gotta get mean, I mean plumb mad-dog mean, 'cause if you lose your head and you give up, then you neither live nor win. That's just the way it is." -Clint Eastwood in The Outlaw Josey Wales (1976)

I could hear death rattles in the financial sector all weekend after friday's action. This morning's open looked about as bearish as it could get, then the bulls drew a line in the sand at 32, and got mad-dog mean. By the end of the day, the shorts were scrambling to cover, and the bulls piled on. Is it just a bounce? most likely, yes, but I think that line in the sand is still there, and a successful retest could launch a new rally.

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