Did the Market Just Bottom?

Friday did not provide an up day for the Dow, but we did put in a massive reversal off the lows.  When the market opened down 700 points, I must admit it rocked my foundation.  The market quickly reversed, and then an announcement came out that the Lehman credit default swaps were assessed at pennies on the dollar, and the market begin to tank again.  But late in the afternoon we saw a a bounce from 7900 to 8900 in a matter of hours.  The market did close lower on the day, but Friday's trading activity provided some insight into how quickly the market can produce a dead cat bounce.

By the time 4:00pm rolled around I was exhausted.  But the U.S. markets were not done, Treasury Secretary Paulson announced after the close that the U.S. government and other members of the G7 would be buying bank stocks in order to stabilize the global markets.  This is no guarantee that the market will rally, but one has to assume that if a bounce is on its way, it now has a great shot.