Brief tonight. News that Bank of America (BAC) is going to pour $2 bln into Countrywide (CFC) has sent S&P futures up 10. Unless some countervailing piece of bad news surfaces tomorrow, it's going to be a day at the races for the bulls.
As noted over the weekend, the Fed set the stage for a rebound, and the symbolic discount rate cut, for now, is slowly ushering in some renewed confidence.
There's a lot of space between the 50 and 200 day moving average in the S&P... 50 dma is up at 1500 - let's see how far up they will push the market in the coming days.