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.

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.