Emergency Update*** Auto Bailout Is Denied In Senate

Thursday night, the auto bailout was officially rejected by the Senate as there will most likely be no bailout passed before the new year. Wow, what a surprise. Expect a serious negative response tomorrow in the market. World markets are already hurting hard from it. Well, I can't say that I don't agree with rejecting the bailout, I just thought they would pass the bridge loan. Tomorrow should be an interesting day. Have a good night.

9 comments:

  1. FFF Says:

    Dear FF,

    I like your work and style. Keep up the fine posts.

    Recommend you set up recurring payments on your donation page. I could chip in $5/mo.

    Thanks,
    FFF (Fan of Finance Fanatic)

  2. Dave Says:

    I suspect that by early afternoon Friday (at the latest), the white house will announce the redirection of TARP money to the auto industry. This bridge loan HAS to be happen, like it or not.

    Even with my leveraged short positions, I want this to get done - the alternative is simply too devastating to imagine.

    It will indeed be a CRAZY day. Down 6-10%, then up same if this plays out like I think it will. Stay close to your trading software!

  3. Finance Fanatic Says:

    FFF,
    Thank you. I appreciate your generosity in wishing to contribute to the site. I did set a subscription donation, thanks to your advice. Any donation is always happily received and much appreciated.

    Dave,
    good call on the trading trends today. In fact I was about to pull the trigger on some GM & Ford shares this morning and sell them off later in the day, as I had a feeling they were over beaten at the opening. I shoulda coulda, I guess. Thanks for the comments. It will be interesting to see where we close.

  4. Astro Says:

    Congratulations Dave, that was a very nice one.

  5. Anonymous Says:

    Hey I took your advice today (SRS going to 200) by buying at the open and bought SRS at 103 - ouch! Lost 25%. I know how volatile these are, but would you continue to hold/see it going back over 100 soon?

    Also bought:
    EEV at 61 (now at 56.96)
    SDS at 93 (not at 86)

    I don't like to hold these double short positions for too long, but exiting at these points is painful. I'll take a little more in the near term, but do you see these returning to today's opening prices by next week?

  6. Finance Fanatic Says:

    Anon, I personally feel that SRS, EEV, and SDS are in great position for gains at their current prices. The market is being very fickle right now, due to the end of the year and lack of involvement from hedge funds. I believe there should be some massive sell offs coming in 2009. I still love SRS, the REITS just took back some of those huge losses from yesterday. I will pick some more up on Monday, if it still stays in the 70's

  7. srsalltheway Says:

    I am in @1400 shares of SRS at avg. cost of $92.77 I was killed on Friday. Should I buy some more of SRS in the 70"s or just bail out? Help............

  8. Fun With Living Says:

    A Bridge Loan to Nowhere.

    The problem with the Big 3 is that for years they have used a wrong approach to the car market. Instead of putting all their resources into building the very best car, they build just an average car and then spend millions of dollars on advertising.

    What they need is not a new car model, but a new business model. They are just poorly run companies that can't be turned around on a dime or 15 billion dollars.

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