The Morning Morsel- Feeling Long In the Tooth

The idiotic scheme that is General Motors continues, as they filed their S-1 yesterday giving details of the IPO planned for fall. Take delivery of the certificates this time, so you will insure that you walk away with something tangible. The stock may not be worth the paper it’s printed on someday. If you like government ownership of your new issues and a turnstile management approach, then take out offers. I would rather burn to the ground in a Pinto than buy a share, but that’s just me. People ask me all the time if I would buy the deal, I tell them I never owned an auto or an airline in my life, even when Reagan was President.

On another note, we have been rejected two days in a row at the 1100 level in what appears to be an exhausted market. I am not opining on direction, just stating fact. We all the know the “bad stuff” out there, so why rehash old news? Most charts I see still look pretty good, although there does look to be a teeny weeny double top appearing on the hourly chart¬† of SPX if you feel like drilling down that much. I think the jobless claims may give us a push either way in a about two hours.

We’re having more fun than a bunch of Geithners at a money printing party over on my Premium Site. Some winners so far this week were: GMCR +6.1%, FCX +5.3%, ARST +8.4%, JOBS +9.4%

Good luck trading.

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