Chapter 11 for GM.

It's going to be the last supper for General Motors.History is going to be made on Chapter 11 and all business school students will be able to read about the rise and fall of a business giant that once is the icon that made America proud during the industrial revolution.
May 26 will be the final countdown--bondholders,take the 10 cent on the dollar of your investment or else all will be lost in the sinking titanic.
This will create another financial tsunami.It will be leaving behind a legacy of Amazing & Stunning memory.

Tracking the Dow on 22/05/09.


9:30am:--Mild bullish spike up followed by early gap cover.
The market theme play is Worry about the U.S. budget deficit, with U.S. Treasuries and the dollar losing ground.
10:30am:--Retracement to opening high.
Investors have reduced positions in U.S. assets due to concerns about the country's debt.
11:30am:--Session high with bearish spin.
Investors are coming to a realization that interest rates are heading higher and the dollar is going to be under pressure.
12:30noon:--Hoovering quite near the MAV support line with bearish spin.
All but six states lost jobs in April and double-digit unemployment persisted in every corner of the country as companies squeezed by the recession slashed payrolls.
1:30pm:--A bearish hammer at the 2nd attempt near the MAV support line.
Obama signs law curbing surprise credit card fees.
2:30pm:--Retracement to near day's high but with a graveyard doji.
Obama made clear that he didn't champion the changes with the intention of helping those who buy more than they can afford through "reckless spending or wishful thinking."
3:30pm:--It's hammering closer to the MAV line.
Crude oil is now up 62cents at USD61.67.GMAC received $7.54 bln in new Treasury aid.
4:00pm:--Close at near day's low with a small morning star bullish spin doji.
The short-sellers have completed their carpet-

bombing of stocks wiping off all of Monday's bullish gain.
They have capitalised on all the bad economic news and now have to turn short covering but with limited upside potential in view of the upcoming tug -of-war between the bondholders and the managementt of General Motors which is facing a June 1st dateline for bankruptcy filing.