You’re Fired!!

The government is asserting its “ownership interest” in GM and has requested the head of Rich Wagoner. Will Ken Lewis or Vikram Pandit be next? How about Immelt at GE? I would accept the termination of Cramer instead of Immelt, but that’s just me.

I’ll be watching 787 as a level that must hold short term or all bets are off. Also, I am watching for a pullback in energy and materials. I will post specifics later on twitter.