This morning 9/08/08 we have the government bailout of Freddie Mac ( FRE ) and Fannie Mae ( FNM ). Dow futures are pointing up 254 points....Nasdaq up 36 points....and S&P 500 up 35 points. This is more or less a short squeeze but a case could be made for a double bottom to have formed with all three of the above averages.
ABK Ambac has exploded this morning....it will open pre market over $10 per share.
In other News.....smartphone sales are up 16% this year even with the global slowdown we have seen.....Apple ( AAPL ) and Research in Motion ( RIMM ) are up on this news.