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My eyes are bleeding from the slow motion train wreck that is GM. The company should be BK as they will file on Monday. The government and the unions will own a majority stake so going forward things in Detroit should run like a well oiled machine. I’m looking forward to my oil change at a dealership and being asked to follow the yellow tape on the floor to get a ticket as I walk the velvet ropes.
We see preliminary GDP data at 8:30 and Chicago PMI will be released at 9:45. There was some favorable economic data that came out of Japan and India so commodities rallied but the greenback continues to fall. Spot gold was recently $9.40 higher from New York levels, at $968.40 a troy ounce. Front-month Nymex crude oil futures reversed early declines, and were recently up 32 cents on Globex at $65.40 a barrel. The contract had risen 2.6% in New York after a surprisingly large drop in weekly U.S. energy inventories.
Keep your eye on GLD and DGP, two watchlist names that are about to trigger.