Just a quick note this evening: The market has been having some trouble with correcting the drop we saw last week. The big news last week was the jobs report that showed a much better picture than was expected. Today, being Monday, we saw a very ugly drop in the market when we usually expect a little attempt at a rally. GM got spanked to the tune of about 10% on news that it might get some drag from Delphi after their bankruptcy filing. Some feel that GM is only a couple of steps away from bankruptcy themselves. The old saying used to be “as GM goes, so goes the stock market”, not a very good omen. GM is back down to the lows it set in April which are the lowest prices for GM since 1992. This stock has not been such a good "buy and hold" stock.
We will have a full post tomorrow evening but thought we’d get a short one out there tonight just to let you know we are still here. Our positions have done fine while we were gone so we are not concerned about them. We feel there is more to this downside and if we don’t get a fairly good rally soon, the market will collapse under the weight of the sell orders that will come in. We are in wait mode tonight even though we saw a pretty rough Monday today.
Dow Industrials: 10,238.76 -53.55
RYVNX: 22.15 (not a bad move so far from 20.56)
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