MONDAY MORNING BLUES ON GM OUSTER
AND OTHER ISSUES
AND OTHER ISSUES
Futures taking a beating this morning of 19 points on the S&P as markets react to all sorts of stuff from the Rick Waggoner ouster at GM by our dear President. That's got all kinds of tounges wagging about socialism from the administration. Some are saying its blackmail among other things. Or maybe its the Kremlin. Markets aren't thrilled; thats for sure. Memeorandum has extensive coverage this morning.
Meanwhile this morning the charts are ambiguous at best on what is going to happen. MLPS have been moving sideways for the most part while the dow continues its rally from 6500. Of course that rally gets interrupted this morning and extends Friday's losses.
Since we are in rally mode lets see where we finish today and not where we start. If buyers truly have gained the upper hand here look for a floor to be hit at some point this morning and a climb back this afternoon. At least thats the ideal scenario. More wall street news this morning and perspective at 24/7 Wall Street.
MLPS are newsfree this morning and so far nothing on the upgrade downgrade list. Crude is down a buck and a half this morning but still holding above 50 bucks. Commodities as a whole are down and the dollar is up against the euro and down against the yen.
joseph cioffi's Source Page - Associated Content
2 comments:
Geithner ( who is not ready for prime time imho ) also opined:
“Some banks are going to need some large amounts of assistance,” on the ABC News program “This Week.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aG9S.k0EdC58&refer=home
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GM + Chrysler owe together over 30 billion to the UAW for retired employee health care ( I assume most of that is for those retired but not yet on medicare ).
I feel that Obama might use this crisis to put a single payer health care plan into place. If Obama lets these retired auto workers into the medicare before they are 65... then why not the rest of us?
Now markets are at their lowest point 14 minutes before Obama's speech... We he try to play the hero or the villain... that sends the markets even lower?
Does he even have a clue that markets
will make or break any chance of implementing his agenda?
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