Unaccounted bailout funds.

The government must toughen its monitoring of the $700 billion financial bailout to ensure that banking institutions limit their top executives' pay and comply with other restrictions, federal auditors said Tuesday in the first comprehensive review of the rescue package.
Auditors fault Treasury oversight of bailout funds.
The Treasury Department has no mechanism in place to track how institutions are using $150 billion in taxpayer money that the government injected into the banking system as of last month, the Government Accountability Office concluded in its report to Congress.

Tracking the Dow on 02/12/08.

15 days to Dow Index Expiry and Quadraple Witching Day.

9:30am:--A 50.0 points gain with shooting star.

U.S. automakers will go on Capitol Hill to outline a plan on how they would use a potential $25 billion loan.

10:30am:--Gap up fully filled and a spike up.

General Electric said its sees fourth quarter earnings per share of between $0.50 and $0.52, which is on the low end of its previous range of between $0.50 and $0.65.

11:30am:--Bullish spin at session high.

Ford has submitted its plan to the Senate Banking Committee outlining how the automaker would use a government loan. The company is asking for a $9 billion line of credit with a 10-year term, which Ford would use as a backstop if conditions worsen further.

12:30am:--Triple shooting stars.

Ford (F 2.80, +0.25) reported that U.S. November sales dropped 30.6% year-over-year, which was slightly better than the expected decline of 32%. Year-to-date, sales have declined 19.7%.

1:30pm:--Bearish hammer.

The Wall Street Journal reports that the United Auto Workers Union said GM may need funding by the end of the year to avoid bankruptcy.

2:30pm:--Double bottom bullish spin.

The weak General Motors (GM 4.42, -0.17) sales data and a report that the automaker may need to file for Chapter 11 bankruptcy protection before Christmas is weighing on sentiment.

3:30pm:--Another spinning top.

Chrysler reported that November U.S. sales fell 47% year-over-year. Year-to-date, sales are down 28%.

4:00pm:--Last minute spike up with an inverted bullish hammer.

The stock market regained about 40% of yesterday's massive 8.9% sell-off.

The market seems to be not sustainable with the onslaught of many bad news in the auto industry.

Once the bulls have short-covered the whole of Monday's candlestick,we have to run for cover again before they set the bull trap again.

The Federal Reserve said due to the strains in the financial markets it will extend three liquidity facilities through April 30, 2009. The facilities aim to increase liquidity for asset backed commercial paper and financial firms.