Just checking in on the futures…I must be sleepwalking. At 1AM right coast time, the Dow futures are up 54, the S&P 500 is up 6.30 while the Nasdaq futures are up 5.50. This is indicating a slightly higher open to start Wednesday’s trading session but European markets have yet to start. The euro currency is getting hammered and that was perhaps the biggest reason why the market was weak on Tuesday.
General Motors (GM, $2.18, down $0.32) and Chrysler came out after the bell and said they are going to need more money. A whole lot more, brother. GM got another $4 billion on Tuesday as part of the government’s plan to give them $13+ billion back in December but said it might need as much as $30 billion. I am flabbergasted, well, not really, but that is the word that fits how ridiculous this is getting. Chrysler has borrowed $4 billion and needs another $5 billion.
I am hoping we get a slightly higher open so we can get into the Dow Jones Industrial Average Index trades today.