Futures are trading lower this morning, which could lead to a potentially negative start this morning. The market rallied big-time on Thursday as the Dow managed to gain a little over 550 points, or nearly 7%, to finish at 8,835. The “snap-back” rally came on the heels of the market testing its 52-week lows. At one point, the Dow was trading at 7,947 and headed towards its October 10 low of 7,773. In fact, it was the first time the Dow had fallen below 8,000 since then.

The Dow had lost 14% in the week since Election Day and yesterday’s rally carried over to the other indexes. The Nasdaq rallied 100 points and finished at 1,596 while the S&P 500 closed higher by 60 points, to close at 911.

Intel (INTC, $14.43), General Motors (GM, $2.95) and Wal-Mart (WMT, $54.93) formed the three-headed monster that took the market lower in the morning as each had negative headlines. However, the market made a huge reversal, pushing stocks sharply higher after testing the lows reached last month.

I’m not buying.

The 1,000 point swing in the Dow is telling us something. The retest of the lows is telling us something. What that is remains to be seen. The next big battle for the bulls and bears will be the “G20” meeting. The Group of 20 international leaders could bring decisions on how to help the troubled global financial system and there will be juicy details that bulls and bears will argue over which will move the market.

The cautious tone on Wall Street this morning could lead to another choppy session.

Rick Rouse