General Motors.(OTC:GMGMQ)

Resistance to General Motors Corp.'s (GM) bankruptcy plans is beginning to take shape as groups that stand to lose in the auto maker's restructuring begin maneuvering to get a better deal.
Over the weekend, 54% of bondholders agreed to GM's 10% equity offer and promised not to fight GM on the sale. However, a judge would still need to sign off on the deal over what will likely be plentiful objections from bondholders who didn't agree.
Stock quote on 03/06/09:-Open:0.61(unchange)
High:0.70
Low:0.53
Closing:0.62
Volume:65,818,340 lots.

Tracking the Dow on Wednesday,03/06/09.(12 market days to Quadraple Witching)

9:30am:--A 50.0 points Gap-down.

According to the ADP Employment Report, 532,000 jobs were lost during May.
10:30am:--Bulls hammering session low.

The ISM Services Index for May recently came in at 44.0, which is a bit short of the expected reading of 45.0, and is up slightly from the 43.7 that was registered in April.
Much like the ISM Manufacturing Index, the ISM Service Index continues to show a contraction in activity, but the pace of that contraction continues to decelerate as the Index has clicked higher for three straight months.

11:30am:--Technical rebound failed to fill the opening lower shadow.

Meanwhile, factory orders for April increased 0.7%, which is slightly below the 0.9% increase that was expected, but up from the downwardly revised 1.9% drop that was registered in March.

12:30noon:--Bulls failed to hammer out session low again.

Fed Chairman Bernanke spoke before the House Budget Committee this morning and stated that inflation is likely to fall over the next year, and overall economic activity is expected to turn up later this year.

1:30pm:--Bearish engulfing at day's low.

Participants have been pushing stocks lower for the entire session. The decision to sell follows four consecutive sessions of gains, which lifted the S&P 500 roughly 6%.

2:30pm:--Finally a bullish harami seen.

Reuters reports, citing a source familiar with the Treasury's thinking, that the Obama administration is planning to release a proposal on financial regulatory reform on June 17.

3:30pm:--A triple low action with a final bearish hammer and ascending bull.

The major indices were able to limit their decline by attracting enough support to make a strong finish.

4:00pm:--The dragonfly with a breakaway inverted bullish hammer.

The market is poised for a rebound strongly again.

The Wednesday's closing was above the MAV support line and is still very bullish.
As usual Wednesday being the mid-week is the pivot day for index meaning it has to pullback from its high to kiss the MAV line and vice-versa.
We are still in the bear rally of the 52 weeks index range.

Booted Dow Anchorman.

It's the goodbye Joe,me got to go,me oh bayou as the lyric sings.
The two multi-billion begging icons (General Motors & Citigroup Inc) are now sterile and unproductive to lead the Dow Industrial Average index.
According to a statement released Monday, General Motors, which filed for bankruptcy on Monday, will be replaced by Cisco Systems (CSCO); Citigroup (C) will be replaced by The Travelers Companies (TRV).
The changes in the Dow will go into effect on on June 8, according to Dow Jones.
GM shares opened for trading on the New York Stock Exchange after a brief delay Monday morning, but the NYSE says the shares will be delisted before trading begins Tuesday. GM has the right to appeal that decision.

Tracking the Dow on Monday,01/06/09--(14 market days to QUADRAPLE WITCHING)

9:30am:-A poweful 100.0 points bullish gap-up.

A carryover of momentum of last Friday's high powered volume.

10:30am:--Session high with intermittent pullback.

There's no sign of opening gap being filled at this hour.
According to the latest batch of economic data, personal income increased during April by 0.5%, which is better than the 0.2% decrease that was widely expected, and up from the 0.2% decrease registered in March. March's reading was revised upward from a 0.3% decrease.

11:30am:--The hangman still holding on its execution at near trading high again.

Meanwhile, personal spending for April showed a 0.1% decrease, which is better than the 0.2% decrease that was expected.

12:30noon:--Weak bearish spin at high.

The strong upward bias has been undeterred by news that Dow component General Motors (GM) is expected to file for bankruptcy today. According to recent reports, GM and Citigroup (C) will be replaced in the Dow by Cisco (CSCO) and Travelers (TRV), effective June 8.

1:30pm:--The index is reluctant to make any pullback.We have the inverted bulls at work now.

The ISM Manufacturing Index for May came in at 42.8, which is in step with expectations and still indicates that manufacturing activity is contracting since it is below 50.

2:30pm:--Pullback profit-taking not so intense.

Banks have been a noticeable drag on the financial sector.

3:30pm:--A bearish spike.
Retailers are garnering support in light of some pleasing economic data, which has helped the supposition that a rebound in economic activity will soon send consumers back into stores.

4:00pm:--Another last minute bearish spike.

The short-sellers are going to skin all the retailers in today's bullish euphoria.It's an all-out retailers day.A fake bullish trap was noted.
A bullish June opener.Today's market might be a distraction against the bad news of General Motors which is filing for bankruptcy protection otherwise there's going to be a big sell-off.

What a good decoy the shorties are netting all the retailers.

Retailers must hit & run fast in this witching months and don't get screwed up by those hedge funds who are holding the joker card.