GM will go bankrupt by next week and the Treasury will hand them up to $35 billion. Bill Gross at Pimco is worried about a credit downgrade for America following the downgrade of the UK yesterday, and the dollar continues to show some weakness against other currencies including the yen and the pound. Liddy is stepping down from AIG as he must be suffering in his own words from “AIG fatigue.”
More uptick rule chatter on CNBC this morning and I love Jim Chanos suggesting that people buying on margin should have to wait to “buy” on a downtick.
Futures are higher and I would expect a fairly choppy and light volume day, I don’t think the bulls or the bears are feeling that empowered in here to make a statement.
Idea for the weekend: Have many Coronas on hand and cook the burgers on medium high heat. : )