An update on GM IPO. Friday morning came close to the issue price of $33. However a nice bounce back occurred. While looking at the chart I noticed on the 5 Minute chart that a bearish Divergence occurred. This Divergence is also confirmed on the MACD. As this is a short term chart, I don't predict any massive move down, but to see GM next week trade at some point between $33.50 and $34.00 is not a stretch.
The overall market however may find a boost as Ireland will announce a bailout before Monday, which will involve IMF and ECB. The markets reaction to the confirmation that Europe's financial situation is on the rocks is quite funny. This also proves that the "stress tests" that were done were not stringent effort to be of any value.
Portugal should be on the radar next along with Spain.
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