Monday, February 9, 2009

GM & Crisisler On The Brink Of Forced Bankruptcy

Good Morning! As you probably already saw in the news, the debt heavy auto makers might possibly be forced into bankruptcy soon to protect the US loan interests. Of course I won't get into politics here, but start keeping newspapers as we are witnessing the collapse of free market capitalism right in front of our eyes. It hasn't completely fallen apart yet, but we are getting very close! As for the markets, they seem to be taking the news with about a 1% decline in the futures. It's my hope that this week doesn't wipe out all my long profits, but I still hold a bunch of great looking shorts that will do just fine with a sell off. As a note, please watch the trading video from last night, as it has some great educational information. S&P support and resistance targets below.