The market responded Friday morning like it had read my blog Thursday night. The only thing it did "wrong" was to not reach the 780-790 level before rising from the ashes. Something else I didn't like was the breadth and volume on the rebound and the fact it re-tested the mornings panic lows. That really shouldn't have happened so soon. The market doesn't give you a second chance, but this one did. That, taken together with the late afternoon heroics from "someone" to rally the markets from the lows has me questioning if we've actually seen the low for this part of the decline. Was Friday morning and afternoon the "Plunge Protection Team" protecting us from...well.....a plunge? We know "it" exists. The real name is "The Presidents Working Group on Financial Markets". It was created after the 1987 plunge to help bring stability to the markets should that situation ever arise again. Well, it certainly arose last week. It'll take a couple of days to know for sure, but I'm suspicious. Any how, a move to 790 could probably be bought. You could get away with 840 if it re-visits since even if it breaks on down below that level to 790, it won't be there long. That would mark a 50% decline in the S&P and it's a pretty good bet that it would hold, for a while a least. However, if 790 didn't hold, I'd be out. Last week was historic. What will this week bring?