"The powerful rally in financials illustrates an important point. A bear raid where many stocks are shorted by 15, 20, even 25% combined with the July 14-15 capitulation was a set up for a ferocious short covering move. When I suggested such at the time, some suggested I was trying to catch a falling dagger. But in reality this set-up was more akin to catching the dagger, throwing it back at the thrower, and embedding it in his jugular."

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