<p>After a surprise move by the Fed to slash its “discount window” rate to banks that borrow, U.S. stock futures surged ahead pointing to a higher open. And it was a higher open. Well into the open, by 10:09 am, the Dow added 1.78 percent, the tech-heavy NASDAQ gained nearly 2 percent, while the S and P500 index sky-rocketed back to +2.24 percent. (<a title="Yahoo Finance" href="http://finance.yahoo.com/marketupdate/overview">Yahoo Market Overview</a>). </p>
<p><a title="Burnick blog" href="http://burnickblog.sovereignsociety.com/2007/08/whos-ready-for-.html">Burnick’s Global Market Beat</a>:</p>
<h3>Who’s Ready for a Market Bounce?</h3>
<p> </p>
<p>“In yesterday’s blog post I asked: “Is the selling almost over? Well, maybe.”</p>
<p>Here’s the way I size up the markets right now…</p>
<p>Typically, panic corrections are – just as the name implies – sharp but relatively short declines that often (but certainly not always) occur in three fairly distinct waves of selling.</p>
<p>Why three? I have no idea. Maybe it’s because good things always come in three’s – but it’s something I have observed over the years. ”</p>
<p>Here’s some more commentary on Wall Street gaining momentum in the last hour of trading yesterday on <a title="Afraid to Trade.com" href="http://blog.afraidtotrade.com/miracle-on-wall-street/">Afraid to Trade.com</a>:</p>
<h3><a rel="bookmark" href="http://blog.afraidtotrade.com/miracle-on-wall-street/"><font color="#880000">Miracle on Wall Street</font></a></h3>
<p>“The US Stock Market absolutely astonished most if not all traders today with a harrowing price plummet early in the day with normal corrections and continuations, but the stories will be written about today’s amazing price action likely will not focus on the fact that the Dow fell 300 points today, but the fact that the Dow Jones Industrial Average screamed upwards by 300 points to close virtually unchanged on what would have been an otherwise historic victory for the bears.</p>
<p>I had trouble selecting a singular headline to title this post on today’s action, and I could have well used any of the following:</p>
<p>Bears Make Their Stand… but So Do the Bulls</p>
<p>Bears Maul Bulls… then Bulls Stampede Bears</p>
<p>Unprecedented Price Action Right Before Your Eyes</p>
<p>New Life Breathed into Dying Stock Market</p>
<p>Top 300 Reasons Why it’s Great to be a Trader</p>
<p>Bears Take the Upper Hand… No Wait, Bulls take the Upper Hand</p>
<p>And so on. The point to take home after today’s action is the following: “Take NOTHING for granted in the market”</p>
<hr align="center" width="100%"