This just in: "The sun has got his hat on hip hip hip hip horray, the sun has got his hat on and is coming out today". Sarcasm aside if you are not a pollyana that believes that everything is now fine just because we manged a rally of the lows and from a hugely oversold condition then you might see short opportunities here. Like SKF for example, dropped from 211 to 220 on a day AXP warns, Wachovia cuts its dividend and stoppos writing mortgages. I am underwater on SKF from 127 now and haven't done a very good job of hedging myself for downward exposure but this turnaround smells of wishful thinking to put it mildly and I will take the other side of it. One moment we are talking possible depression and hundreds of bank failures and the very next week we are back to the GoGo 90s?
It's called a short squeeze into the close.....especially pronounced now that all those villainous naked shorters can't do it anymore on the big financials and have to unwind those illegal positions. If you can't beat 'em, you'd better join 'em.