Cool. Looks like a late term rally. The low of -800 sparked

[Subdivisions]

a buying frenzy. May end up salvaging the day.

[Selatius]

1. Bargain hunters. Then again, bargain hunters were out last week and got rolled.

This must be a new batch of bargain hunters.

[burythehatchet]

3. There is an endless supply of suckers

[RB TexLa]

5. Not if you sold at the end of the week.

:)

And could have gone back bargain shopping today. Just saying.

[MercutioATC]

2. No kidding...it bounced HARD off of -800.

Tomorrow will be interesting.

[izquierdista]

7. Dead cat bounce

You have to slam it down REAL hard to get that much of a bounce.

[Selatius]

8. I wonder if it could actually be a "dead cat" bounce.

When the Dow plunged 777 points last week and then rebounded on Tuesday, I figured it was a dead cat bounce, and it seems to have been the case because by Friday any gains made on Tuesday were gone. I wonder if this is a repeat performance.

[MercutioATC]

10. Oh, I don't think it's a trend...but it may be enough to salvage tomorrow.

I'm betting the bottom is still another 1000 points away (at least).

[TexasObserver]

4. It's probably hedge funds playing the amateurs.

They sell off big chunks earlier, stampede the scared, and then buy back in several hundred points cheaper.

[Horse with no Name]

6. So the Plunge Protection Team just used some more of our tax dollars

to make suckers feel a little more secure. Cool.

[Javaman]

9. well, 320 down isn't salvaged, it's just less than awful.

well now instead of dying at my desk, I can be buried in paupers field.

on edit: I think their mission was to keep it over 10k by the end of the day. they did that by 3 whole points.

Tomorrow, I don't think we will be so lucky.

[gopbuster]

11. This is a Deja vu for me....I wish I was short term trading again

If I had any money I would be starting to think about dollar cost averaging back into this market after the technical indicators start turning back up or it feels like at least short term bottom.

I'm guessing somewhere between afternoon tomorrow and Thurs. Key word: short term and expect it to be a long time to ever get back to over about 10,800 (this is where it broke the last longterm trend line support area and went into uncharted territory on the longer term chart.)

The longer term bottom I don't think is in yet

Watch for when they start squealing about the bargains...hehehe

Bellweather IBM gapped down on the open, pretty rare and the momentum indicators (MACD) are stretched to where it will have to have some snap back at least for a short term few day rally. Technically gaps always fill.

JAVA warning http://bigcharts.marketwatch.com/interchart/interchart.asp?symb=ibm&draw.x=0&draw.y=0



If I had some money, empty my piggy bank I could be RICH.....by the time I'm dead

[no_hypocrisy]

12. The ones who sold at a profit this morning are buying back their stock at

bargain prices.

[TheWatcher]

13. Word has it that a Rate Cut Rumor that was leaked MAY be the reason for this.

Which would make perfect sense.

For those who don't watch this every day, these "Miracle Stick Save Rallies" based on some rumor of a magical scheme have become so commonplace it's laughable.

We'll have to see what the real explanation for all of this is, but today is just another example of how this entire Market runs basically on bullshit.

But it keeps the Sheep Grazing, so I suppose it's all good.

I can already here all the busy fingers on keyboards across the country with cry's of "We're Saved! THANK GOD the PPT Saved Us AGAIN! It's So GOOD!"

IGNORE Wall Street.

Pay Attention to MAIN STREET.

[Subdivisions]

14. Yeah, I heard CNBC proferring that rumor shortly before the rally began.

All too common. Usually a rate cut in already priced in. That wasn't the case today. Plus, there was a serious move by the PPT to rally. Hence the huge rally.

[TheWatcher]

15. Agreed.

It's all just mindless tape painting, and putting on a show for the hapless Public. There is absolutely NO health in this Market whatsoever. Only an idiot would buy stocks at these valuations in a situation where the selling isn't by choice.

As for the PPT, they didn't manage to hold 10,000 after all.

Interesting.

[Subdivisions]

16. Also interesting is, the rally has now painted the Fed into a corner.

Because, though a rate cut was not priced in before the rally, it is now. Now the Fed almost HAS to cut. The question then is, what does another rate cut do? Does it boost confidence? Maybe. Will it lead to even more turmoil? I have no idea.

[TheWatcher]

17. It will be very interesting to see if it all Blows up despite the rigging.

I posted this in the SMW Thread, but here is what we have on the plate for tomorrow as well as the Rate Cut tomfoolery:

FNM FRE Settlement
Margin Calls from Today

There could be really wild swings for the rest of the week.

Only the most nimble trader should even THINK about stepping into the middle of this.

I got out of this madness years ago. Very glad I did.

[Marie26]

18. I just made $200 bucks!

Bought at 2:40 & it's up by $200 dollars at closing. Am suddenly seeing the appeal of day trading. But maybe it'll collapse again tomorrow, who knows.