stock had a slight pullback of around 20 cents out of no where to around $31.50 and from there just slowly climbed to 32. Still holding my short, $32.25 and ill take my loss and move on.
How the DCX news is great is beyond me. Daimler-Benz bought Chrysler in 1998 for $36 billion, now that same company is being sold for $4.5 billion????? GM props up over 5% on this news. Ha.
I have shorted in the past a few times and did well shorting in this area. I gave up on it after I wasn't able to short it with my online broker, just recently I was able to short so I took the chance and shorted some on todays spike. I watched GM trade before and I can tell you this stock can easily move straight up for weeks, knowing that, I'm putting my order in to cover at $32.25. 3 reasons why GM jumped today #1 DCX buyout #2 For the first time since 2003, General Motors Corp. is giving bonuses in the form of stock to Chairman and Chief Executive Rick Wagoner and other top executives. #3 shares rose almost 5% Friday afternoon after Merrill Lynch in a note reiterated that it has a $50 price target for the stock and said it's currently trading well below its historical range. Company is still struggling, if oil does make its way back to 65+ a barrel and gas prices continue to climb this could be a problem for GM and their sales of SUVs.