did we finally see the "capitulation" on this short -term cycle?

It's interesting that they report that it was a "rumor" of Countrywide going bankrupt... I wonder which MM or specialist started THAT rumor...

Today points to a higher opening (big surprise there) now that earnings season has begun, and companies start reporting. IMO, the news is better than what has been reported lately (or what we have been lead to believe).

Mortgage applications are up 32%, http://biz.yahoo.com/ap/080109/mortgage_applications.html

As for PTSC... well, we all know the games that are played here in the stock price.