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Guess this won’t be the day of my hideous failure. Market got obliterated today.

DOW – 678.6 (-7.7%)
NASDAQ – 137.5 (-8.95)
QQQQ $26.94 -$2.18 (-7.49%)

Those 36 Jan puts (strike $29) from $2.20 to $3.45, up almost 60% on the day.
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Bringing it back around to GM, today was one of the all-time worst days for the market…probably not a good day to follow with a trip to Washington to outline your ‘turnaround plan’ and ask for bailout money.

Tomorrow is also november auto sales release day for GM…and all the other manufacturers.

Ramz #69’s statement about the functional show car having headed off to Washington is consistent with what Samantha said to me Wednesday. If you’re interested in what else I learned, my post is here:

http://gm-volt.com/forum/showthread.php?t=2054

Rick

Is LG (or whoever) going to produce the pack in the US?

The whole bailout is about protecting union-level pay, which is why the bailout is assured, sooner or later. GM may plan to announce at the hearing that they, with 100% certainty, are going to receive batteries made in the USA.

Anyone know where LG said they were going to make these things, FOR CERTAIN?

On another note, I’m waiting for my usual call from the Pontiac garage…the Pontiac saved up a big repair bill for Christmas so my kids can’t have the presents they wanted. Does anyone want the Over/Under on a 1,000 dollar repair bill?

This will officially send the price of repairs to 30 percent of it’s purchase price, to reach 142,000 miles.

Is GM a great company, or what?

As for betting against the market after a five day run up, that makes sense. However are we not testing the market bottom?

Why not invest in oil futures? All the woolly bears have lots of wool and the berries have been plentiful. Age old signs of a long cold winter. Or is Al Gore right and the cold winters are behind us.

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I’m just not feeling that bottom. I’m not seeing earnings forecasts continually knocked down so the bar set low enough for companies to beat. I’m not seeing the freeing up of credit markets or stabilization of the housing market. I can’t argue with the fact the market had its best week in like…almost a century, but I can’t justify the move in my mind.

I thought we needed to lose more, so I’m ‘hoping’ we retest those lows….in a purely selfish/entertainment sort of way. My ‘what I think’ mindset is in conflict with what I like to see happen for the world, but you have to be objective or you lose.

Your right investing in oil is always a good long term move. However, I think if we experience more short term pain on the markets (like I am forecasting), we can’t also see the rebound of oil simultaneously, they seem to be mutually exclusive things in this environment…so if I am betting the market to drop I can’t take up a contrarian point of view (well, I could if I wanted balance…but I’m just doing this for amusement).