New bailout for stocks?

AP reports that a bipartisan group of auto-state senators say they have reached a compromise to speed emergency loans to Detroit's Big Three car makers. News conference is planned for later in the day. The news has gotten stocks into positive territory - for the moment. Before word of a possible breakthrough, NYT columnist Floyd Norris posted this:

The Standard & Poor’s 500-stock index is at its 2002 lows. (A friend of mine versed in technical analysis tells me that is an indication we had a double top, which he says means we are in deep trouble. I’ll stick to the fundamentals.) The 2002 closing low was 776.76, with an intraday low of 768.63. As I was about to file this, the index hit 776.76. At that price, it was down 47.10 percent since the end of last year. The worst calendar year performance ever for the index was in 1931, when it fell 47.07 percent.

At last check, the S&P 500 was around 801.