December 11, 2008 6:40PM
S&P 500 E-Mini Futures continued to fall after the normal market hours today. At this time the futures are at 856. The sharp decline in today’s market action took out three support levels on the short term chart.
The financial sector (XLF) and the Bank Index ($BKX) both reversed their up-trend in a significant manner today. I will post updated charts of these sectors along with the full market wrap later tonight.
The WSJ is reporting tonight that General Motors (GM) has hired lawyers and bankers to mull whether to file for bankruptcy protection. The story goes on to say that the company may still need protection from creditors even if a bailout funding package is approved.
Other news this evening is the possibility that the US Senate may vote tonight on the auto bailout bill. Throughout the day it was beginning to appear more and more that the Senate will not approve the bill.
More later tonight…
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