The auto rescue.

Wall Street is waiting for lawmakers to finish negotiating a $15 billion bailout for General Motors Corp. and Chrysler LLC. A deal, which might occur as early as Wednesday, reportedly would give the government an ownership stake in the automakers. The market has been concerned that a collapse of GM, Chrysler or Ford Motor Co. would trigger massive job losses, and further stymie the government's efforts to lift the U.S. out of a recession.But the Republicans raised deep concerns.
A further stumbling block was Democrats' refusal to scrap language, vehemently opposed by the White House, that would force the carmakers to drop lawsuits challenging tough emissions limits in California and other states.
Another remaining hang-up was over ensuring that Cerberus, the private equity firm that owns Chrysler LLC, would reimburse the government if the auto company defaulted on its loan, said a congressional negotiator who spoke only on condition of anonymity because he was not authorized to disclose details of the emerging deal.
Even if they seal the deal, though, conservative Republicans who want to force one or more of the Big Three into bankruptcy warned they might try to block the measure, virtually guaranteeing that it will need a 60-vote majority to pass and possibly delaying approval for days.

Tracking the Dow on Tuesday,09/12/08
8 market days to Quadraple Witching.
9:30am:--A 150.0 bearish gap down points.

Reports indicate that the White House and Congress are progressing toward a bailout of the automakers.
10:30am:--Bullish Harami gap covering.

The Bank of Canada cut its benchmark rate by 75 basis points to 1.50%, which was larger than the 50 basis point cut that was expected.

11:30am:--Bearish engulfing.

Just hitting the wires, October pending home sales fell 0.7% month-over-month, which was better than the expected decline of 3.0%. September was revised to a drop of 4.3% from a decline of 4.6%.

12:30pm:--Bearish spin with technical rebound.

The Nasdaq rebounds into positive ground as tech (+1.8%) outperforms.The White House is still working on the auto legislation that was submitted yesterday.

1:30pm:--Hammering at session low.

Walt Disney (DIS 24.08, -0.84) drops to session lows after the company said it was a tough fall season for their broadcasting segment, which will be reflected in advertising revenues.

2:30pm:--Bullish harami.

Goldman Sachs (GS 73.63, -3.52) had its fourth quarter earnings per share estimate slashed to a loss of $3.86 from a loss of $0.65 at Deutsche Bank, which cited increased concern over losses related to real estate.

3:30pm:--Bearish spin at day's low.

A panel that oversees the Treasury's $700 billion financial relief fund is expected to release a report Wednesday that is critical of the government's handling of the program.

4:00pm:--A bullish harami.

Crude prices fall to session lows as pit trading comes to a close. Prices are now down 3.9% to $41.99 per barrel.

The overall December candlestick has now transformed into a bullish dragonfly doji.

Tuesday's candle is struggling at this month Bull Pivot and the pair looks like a bearish harami.

I think the market makers might sell on news on annoucement of the outcome of the bailout of the automakers.

So tighten the belt again for this roller coaster ride as the long lower shadow might be utilised.