Lyric discussion by MagiDrakee 

smeared -- basically, that line is a purposely ambiguous and awesome pun. Dylan plays with word connotations here.

Yellow's most obvious connotation is the color.
However, it can also mean "cowardly" or "scared."

Chicken's most obvious connotation is the food. However, it can also mean the same thing as the second connotation of yellow -- scared (You're chicken!)

So, no matter which way you look at this statement, one of the words will screw up the sentence's meaning.

For instance, the sun definitely can't be chicken, but something that's yellow can be.

What an awesome pun. This song is amazing. The lyrics are great, and Michael Bloomfield's guitar work is exceptional.

@MagiDrakee Take a couple steps back and look try to look at the whole picture. I think the "sun" reference is the commander-in-chief's bloated, egotistical delusions of grandeur and purpose. Like the rest of the song I find it a scathing critique of the upper crust "educated" class and their elitist, disdainful attitude toward the general public particularly the underprivileged. Donald trump for president!

@Derek 0 you do realise that Trump is the epitome of upper class, elitist etc. born to wealth, handed his fortune / networks.

The sun and the chicken are both yellow. "Yellow" means cowardly too, and "chicken" means recruit, young soldier as well. So this phrase could mean that "even the sun was not afraid to join the army."

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