http://www.flickr.com/photos/35785716@N05/

Looks like GM bondholders agreed to a debt for equity exchange today. This officially allows GM to declare chapter 11 on Monday.

What a low blow to the american taxpayer. Billions were pumped in and then the company goes bankrupt. Atleast another one of my predictions came true….

1. The 200 day moving average: The S&P is creeping awfully close to it. A break of this a extremely bullish, as we have not broken the 200 day moving average in a very long time. This is the closest we have gotten to doing so in a year or so. A bounce off of the 200 day moving average is equally as significant as this represent too much long term overhead resistance.
2. the 78.6 Fibonacci retracement line. The basis of this chart is starting from our last waterfall move lower. The S&P has used the 78.6 line for support and the average has been camping out at this line.
3. 943 on the S&P. This is the starting point of the fibonacci and our most significant resistance line. Pairing this with the fact that the 200 day moving average is sitting right at the 943 level provides some huge overhead resistance.

A break of the 200 DMA and 943 level on the S&P is huge. We could easily break 1000 if this were to have. Heck I hope it happens since I am net bullish, but this current market is way to unpredictable. With all the technical factors and fundamental factors, the next week or two should be very entertaining. It seems like whenever there has been a rally in the past two weeks, a correction has followed. Are we losing steam?

Traders, take your bets.

The vehicle pictured below is a 2009 Hennessey ZR1. The owner of the vehicle purchased the car and sent the vehicle off to Hennessey Performance Engineering in Sealy, Texas. Hennessey is synonymous with the Viper, as many of you have heard of the acclaimed Hennessey Twin Turbo Viper.

The vehicle stock has 638 horsepower, but with the Hennessey ZR700 package, the vehicle now has a stout 705 horsepower thanks to a smaller supercharger pulley, long tube headers, a dyno tune and a few other modifications. This vehicle was the actual test vehicle for the two kits available by Hennessey.

Here are a few of my favorite shots from the shoot. The rest can be seen on my flickr page.

Now for the newcomers who are wondering why I am not posted call option ideas, I hate buying call options. It is sort of a psychological thing. I guess I sort of have a put option only mentally

In the coming weeks, I will be doing a photoshop for a 2007 Lamborghini Gallardo Nera, a 2009 Hennessey ZR1, a 2007 C6 Z06, a heavily modded 2002 Corvette and possibily a 2005 Lingenfelter C6. Stayed tuned…

Here are a few teaser pics I shot of the ZR1 a few weeks back at a breakfast meet I attended. $200,000 dollars of american muscle is a beautiful thing.

How has everyone been?

For those who are interested, I recently signed up for a pro level flickr account. Flickr is probably the premiere image hosting service available. You guys can follow me there and view all the images I have taken. As far as the markets are concerned, my plethora of short selling posts will come soon…..very soon. The market is starting to show signs of losing steam.

My Flickr Page

GM has terminated the Pontiac brand. As a muscle car enthusiast, this sucks. Infact, it really sucks. There are also rumors out there that GM is considering pulling the plug on the Corvette due to the tighter fuel laws. I am pretty sure I would have a mental breakdown if that were to happen.

Farewell Pontiac, cars like the GTO will be missed.