GM bankruptcy hearing.

Lawyers wrapped up their closing arguments in the GM bankruptcy case Thursday, opening the way for the judge to decide whether to approve or deny the sale of the automaker's assets to a "new GM."
GM's lead attorney, Harvey Miller of Weil Gotshal & Manges, urged Judge Robert Gerber to approve the sale of GM's assets, arguing that there was no other option besides liquidation. "No one objector has brought forth a viable alternative other than, 'your honor should deny the application,'" a scenario that he likened to "playing Russian roulette with the government."
Miller said, "in effect, the objectors are saying, 'If I can't get my pound of flesh, then let GM go down in flames.'"
The U.S. Treasury has imposed a July 10 deadline for approving the deal saying that it would otherwise walk away.
Tracking the Dow on Thursday,02/07/09.
9:30am:--Opening bearish 80.0 points gap-down followed by a breakaway bear hammer.

Nonfarm Payrolls report, 467,000 jobs were lost in June and the unemployment rate reached 9.5%, which is the highest level since August 1983.

10:30am:--Mild technical rebound.

The European Central Bank leave its benchmark lending rate unchanged at 1.00%, as expected. According to ECB President Trichet, economic activity over remainder of year is likely to remain weak.

11:30am:--Bearish inverted hammer.

May factory orders surprised to the upside at +1.2% vs the +0.9% expectation.
This is a good sign that suggests industrial production may stabilize, but orders still remain below about 20% the levels of last year.

12:30 noon:--Bears are still holding at session low and difficult for any advance.

The major indices continue to trade with steep losses.

1:30pm:--Graveyard diggers.

Trading volume was extremely light ahead of the long, holiday weekend. Hardly 700 million shares traded hands on the NYSE in what was the most thinly traded session this year.

2:30pm:--Bears still holding at day's low.

Energy was hampered by a 3.7% drop in crude oil prices, which closed at $66.73 per barrel. Crude has fallen for three consecutive sessions. Meanwhile, financials were severely undercut by losses among insurers.

3:30pm:--Double spike down to a new low.

The stock market attempted to pare some of its losses following the orders announcement, but the disappointing jobs report dominated headlines and overshadowed the encouraging orders data.

4:00pm:--Another spike down to end the day's low.

An unshaven black day candlestick.
The unshaven long black day candlestick will normally be accompanied by a technical rebound.

Since there are no upper and lower shadow,a first week setting has been made with a very good range to maneuver.
A rebound will bring us back to the bear pivot area before further hammering continues.
Daily volume has been dwindling,a sign that recession is biting into investors as well.