Let's see. GM issues bad news, but the news is not as bad as expected. Therefore, that means BUY!
The market actually bounced off the March Lows. Longer term investors may be expecting improvement in the next 6 to 12 months. We'll see. The good news is that the market closed above the monthly open. Not much above, but above, and that is a positive.
The ES Futures close is above the 38 period SMA on the 30 minute chart, and that is a positive. The $TRIN and NYSE Advance - Decline Line are also turning positive. The $TICK , however, is still below the zero line. That may change today.
Charles
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