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Monday, November 10, 2008 

General Motors near the collapse

Chart courtesy of stockcharts ( click to enlarge )

Today has been announced that some brokers smashed the price target of GM, something that shocked the market over the trading session. Deutsche Bank does not believe in the viability of General Motors. The investment bank predicts the collapse of what is the largest U.S. carmaker. Accordingly, they recommended investors to "sell" shares, evaluating each company's title at ... zero dollars. On the other hand, Barclays also revised its estimates for GM, reducing the recommendation to "equal weight", with a "target" of a dollar. "GM worth zero according to Deutsche Bank" The Government helped some banks and other companies in the recent past, but now is taking too long time to save one of the most important car makers in history, which could put in danger a huge number of jobs around the world. This is really dangerous for the entire economy and particularly for the carmaker industry. Establishing a new 52-week low today, shares of General Motors shed a quarter of its value or $1 , closing at $3.36. The stock is below $4 and technically there is no support further.

Chart courtesy of stockcharts ( click to enlarge )

AAPL - The stock has been on a major downtrend in the recent weeks. A drop to the $90-92 range appears likely. Only a close above $100.62 will turn the bias bullish.

Chart courtesy of stockcharts ( click to enlarge )

PLCE - The stock is now below $25.02 so we may see it now at $20.56 level. Any close below this strong support will extend the losses further. Technically, the stock is down trending but may be finding a base here around $20.50/share.

Chart courtesy of stockcharts ( click to enlarge )

MOS - After bottoming in the 24's, MOS is reflecting a daily downside divergence, although technicians argue a developing Inverted head and shoulders pattern . For now, expect a run up to $40 area.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. See you tomorrow !!

AC

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I don’t know about you but I love making a statement…In these crazy economic times did ya ever want to send a message to the world about what’s really going on and what is wrong… I made a wish this morning and here is what it is… I am going to send this email to everybody I know cause it would really be funny to see this happen.


By now everyone knows that GM’s stock is worthless. It is trading as MTLQQ.. Liquidation is in process and this stock is linked to the air. I would love to see it make the news and go up to $6.00 a share.. We the little people who believe in American can really make a statement. If one person out of every 1000 who read this buy 1000 shares OH MY GOODNESS we will make the news… Wanna have laugh and make some money....try it and we can all say we did it. The lil people...



Signed a Rebel without a cause.

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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