If the float goes down when your bail is open, just keep your cool, reel up the slack, and set the hook. You'll find that the majority of the time, the fish will still be there.

Don't listen to seastrike about the baitcaster thing. He's a crackhead. grin
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She was standin' alone over by the juke box, like she'd something to sell.
I said "baby, what's the goin' price?" She told me to go to hell.

Bon Scott - Shot Down in Flames