Recommending long GM ahead of the May 3 earnings release. Price action today is forming up to be a hammer, with a false downside break below recent support in the first 30 minutes of trade today. Industry competitor Chrysler had a very strong quarter, and April auto sales came in better than expected.
- The Ticker: GM
- Target Price: TBD per share
- The Trade
- Buy to Open May 2012 24 Calls at .44 or better
- Trade Opened: May 1, 2012
Chart courtesy Finviz. Click to open larger.
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