FYI, I think dow 7300-7400 is such an important historical level(low in 2002, 50% retracement from 1974 to 2007), it would have to consolidate thoroughly in this area with or without the last couple of days gov talks. After tue's reversal rally, Wed and thur's attempted follow through have both failed.
Technically, if we can't bring dow back above the 7300-7400 level next week, more downside will come. If we can, sell the rally.
Fundamentally, still all politian talks, trying bring confidence to the market. The bank stress testing will bring out more "dirt".
I'm not buying this "major bottoming" talk, not yet.
Have fun! :-)