Futures lower this morning. OK we try to really stay objective especially with politics and such, but GM getting a fast bailout? Seems like they were trying to do it in record time. Let’s see they gave AIG BILLIONS and what have they done, stock reversed split and has continued to lose money, and this morning I read they’re wanting to get the government’s “blessing” on more bonuses to their already overpaid executives. I was hoping this administration was going to really bring some change as was the big message to get this admin into office. I guess it they can say they followed through with their promise because they are bringing change, pocket change to the American people! All the big money is going to the already ultra wealthy and anyone else with greed and power. OK, I’ll get off the soap box early for now, we’ll have to discuss the housing situation another time
. Anyway…..
What we’re watching today. We’re looking at some of the ultrashorts this morning as it looks like we could see a sell off today. Some traders think it’s overdone this morning but we’ll see. In the ES or SPY we could potentially see the 860/86 range if we do sell off.
So we’re watching ERY and EEV this morning. We do wonder though if the Govt is going to try to keep this propped up though but just need to be ready in case they don’t because selling seems like it moves a lot faster than buying.
TRADE SMART!