Hi persy, Since you love my analysis I thought that I'd post some for you. Believe it or not I actually think that the price will trade up some today........ Ok, Persy, now that you picked yourself up out of the floor from the shock of that statement here's why: looking at a corrective wave pattern, the details of which I won't bore you with, there seems to be cause for GM to trade up against the recent decline from the sales numbers pop last week. After seeing that there seems to be a double bottom pattern that it's forming with a target range of about 35.07 to 35.10. After that, based on my experience with wave developments there could be a case for GM to trade on up to the 35.35-35.4 area. However, one would need to see if 1)the first pattern I mentioned breaks 2) how strong it is as it moves toward the target 3) if a continuation pattern forms once at that target. Anyway, I'm saying that getting into the low 35s today seems probable, and I have a wait and see if it can carry on to the 35.30s-35.40s attitude.
That said, over all I'm still bearish on the stock over-all for the near-term. And, how today and this week plays out will depend a lot on the markets over-all, which by the way the S&P set off some reversals on yesterday's close. So with that and the Fed up this week, I feel that new highs in both are not that likely. Given that this new Fed seems more hawkish than the last.
Hey Persy, you've been quite today. I've only seen one of your signature abusive post. i just thought I'd chime in with one of my play-by-play post that you love so much. I just went over some charts and fell like I want to go a bit out on a limb here and see if I can get some more price movements correct. Since, you know I called the open pretty well, within 3 cents once again (you know like the 34.60 call I made since you decided to call me out with your "full of it" abusive style post).
Anyway, here's what I'm thinking will likely happen today. It seems to be building some momentum now off of the 34.85 low and some patterns seem to be shaping up. I think the price will continue up for the next few hours to break today's downtrend line at about 1:00 pm EST, give or take 15 mins, then it should trade back to about 34.97 for support. From there it may well push on up to break an intra-day double bottom (break should be the 35.10 area and I think that'll happen at about 1:30 EST) that should push the price on up to the about the 35.35 area. Which if you recall pretty close to the 35.35-35.4 area I wrote about this morning before the market opened.
After that, I'd need to review again, but my hunch is that GM would be hard pressed to get much higher then that 35.35-35.4 area, given how indicators are deteriorating and how the markets as a whole are doing the same.
There you go, once again I'm laying it out, do you have anything to back up your position on how the price will move?