The ouster of GM Chief Executive Officer Rick Wagoner is sending shock waves through the financial world this morning. So here's what we think is going to happen in the markets and in particular the S&P 500.
Take a look at a chart of the S&P 500 where you can draw in the same expected retracement levels seen below using the new Fibonacci tool in the just released MarketClub charts.
Here are the levels I see on the downside for the S&P 500:
38.2% retracement = 767.07
50.0% retracement = 747.04
61.8% retracement = 727.00
Adam Hewison
President, INO.com
Co-creator, MarketClub
Why cannot America accept its cars are crap. They maybe safe and bigger but they are damn ugly!
I really hope GM does restructure through bankruptcy. I'm truly afraid of having the government be the biggest shareholder of GM; that they will turn it into Government Motors and give even more power over the auto industry to the unions. The American auto companies can not compete against the Japanese when their costs are 67% higher.
Adam, thanks for sending us this message as well as recent others containing thoughts as matters unfold. They are a great help in making decisions on action to take.