Oh brother!!! GM prices at 33 and closes its first day at 34.19 after reaching an intraday high of 35.99 and the headlines read "GM Soars". I think we will see whether or not it soars over the next few weeks or not, but today's action was not soaring. And why would the rest of the market go up because people are buying GM? I really wonder who they let write the stories. Is this an orchestrated pump and dump?
We got the bounce - all in one day it seems. The Qs closed below the middle of the range, which showed weakness on an otherwise solid up day. A move below today's low could put an end to this mini-rally. Today's advance did not qualify as a follow-through day as it occured on day 2 of a rally attempt. While some are looking for this little rally to continue for a few days, I think it is just as likely that it is all given back tomorrow followed by downside acceleration. We will see. A move above today's high tomorrow would likely lead to additional upside before the correction resumes.