I have to give credit where credit is due.

The President’s Working Group, otherwise known as the Plunge Protection Team (PPT) did a spectacular job today in letting the market blow off steam to a loss of almost 800 points at one time and then rally the market back in the last half hour or so for a close just above 10,000 on the Dow. (My Schwab ticker is still running but it was just over 10,000 when 4pm ET hit.)

What a day and what a wild ride.

If the PPT had tried to stem the blood early in the day it would have cost them a bundle and never worked out the excesses. This way, the market closes on a huge postive run and closes above the psychologically important 10,000 level.

No, not every important level was held, but this is really a coup in my mind.

The short funds like my SKF short financials really got creamed in the last half hour or so with 13 points evaporating faster than lacquer thinner on a hot day. Those bank stocks must be just fine now, all problems solved. Yep. Then again, maybe not.

The week isn’t over yet by a long shot, but I’ll bet those guys in the President’s Working Group are slapping themselves on the back tonight.