I was short into a few of those rate cuts and no there wasn't a lot of two sided trade afterwords. Although I had this gem on the Sept/07 discount rate cut. http://www.elitetrader.com/vb/showthread.php?s=&threadid=101842&highlight=seconds You revalue and then its over. Buyers at 9:00 were thinking GM. Buyers at 10:00 had many other reasons. GOOG could give two shits about Detroit. But yes I agree that GM would've been down hard without TARP. HOWEVER I think the market rose because sellers were choked off into size value bids-particularly in tech-rather than the auto bailout. The media might blab about jobs, suppliers, dealers etal but IMO the market has discounted and concessioned the death of the American car business weeks ago. Not to repeat myself but by virtue of the fact GM still closed lower tells you everything you need to know about the markets skepticism over a bailout standing between GM and recievership. Just like last Friday's recovery after a horrific payroll-buyers are more in control on dips.