Today was the biggest point gain ever for the Dow Industrials and the largest percentage gain for the S&P 500 since 1933, according to Bloomberg. Government plans to buy stakes in banks and a push by the Federal Reserve for central banks to flood the financial system with dollars helped spark the rally.

The Dow Jones Industrial Average added 936 points, or 11.08%, to 9387, and the S&P 500 added 104 points, or 11.58% to 1003. For the S&P, today’s gain halts an eight-day losing streak which was its longest since 1996.

See Professor Bennet Sedacca’s piece today, Traders' Paradise, But Investors Beware.

From the Bull Pen: The rally could play out for some time. But today’s huge move could result in a pullback tomorrow. Bulls looking for a quick trade could consider starting Goldman Sachs (GS) back near $105 or $100.

From the Bear Cave: The vicious rally finally came and we’ve mentioned more than once that the biggest rallies have historically occurred in the context of a bear market. That said, a stock like Google (GOOG) could reach as high as $430-450, at which time bears could consider starting a downside position.