Can Republicans retake the Senate?

Yes we can. It is possible, if unlikely. Scott Elliott spells out what it would take for the GOP to reclaim a majority in the Senate. In light of developments yesterday in Illinois and Indiana, the odds don’t look quite as long. In Indiana, for example, former Senator Dan Coats has emerged as a possible contender against incumbent Democratic Sen. Evan Bayh, “instantly transforming Indiana into a competitive race.”
Indiana presents an interesting case. Recall that it was a junior congressman named Dan Quayle who washed out the seemingly invincible Birch Bayh (Evan Bayh’s father) in the 1980 Reagan tide. Evan Bayh impersonates a moderate, but he has been a reliable supporter of the liberal agenda as needed in Washington. If political currents continue to run against Obama among independents, Dan Coats may well help Bayh claim his own piece of the family legacy.
UPDATE: Chris Cillizza has more here.