The Dow without GM.

When General Motors file for Chapter 11 in the bankruptcy court on June 1 if no other options is available,the stocks will be delisted and become a worthless piece of junk papers good for the scrapyard.
Turnover of trading was very high prior to the countdown date as there were heavy bettings of any miracle rescues.
Any disappointment of news,well the common stocks will be quarantined and relisted in the OTC market.Over-the -Counter.So this time will no more be quoted as (NYSE:GM) but (GM.PK).ie pink sheet.
So GM will join the gang of its peers like Lehman Bros,Washington Mutual,Worldcom,Enron and Delphi Corporation to name a few.The trading price range will be between 0.01 cents to 0.25 cents only.
Taking over GM's position in the Dow Component Index might be Citigroup so that's why the Dow won't be repeating the old ardage of Sell in May and go away.It's going to reach the 52 weeks MAV and than transform into a bull-rally.
Tracking the Dow On Friday,29/5/09
9:30am:--Mild bullish open with bearish dark cloud cover.

Commerce Department's report on first-quarter gross domestic product showed the economy contracted at an annual rate of 5.7 percent, a bit more than analysts' forecasts.

10:30am:--After pulling back to fill the opening gap up,the indicies are now at near session high.A bearish graveyard doji hindering the upsurge.

11:30am:--The dragonfly bulllish doji and a bullish hammer at near morning seesion low quite a good sign of bulls returning.

12:30noon:--A technical rebound to bear pivot point with bullish engulfing noticed.

1:30pm:--Indicies is now holding strong at session Bull pivot.We have bullish engulfing pattern again.

2:30pm:--The bears growled bringing it back to near day's low again.

3:30pm:--Bullish last minute spike up.The dirty heroes of short-sellers are again manupilating the market.Asian market are also having this last minute phenomenon which happened also on the last day of index futures expiry.

4:00pm:--Bullish inverted hammer.Looks like sell May and go away is not applicable this time.

Friday's volume was the highest and has left a small upper shadow near the bull pivot waiting to ignite again.

Besides the ISM report on Monday, the coming week has a series of critical economic data that will help determine the market's next move, including pending home sales, retailers' sales figures and, next Friday, the government's employment report for May.