Whilst the main market settled moderately higher, there was rather significant upside in Ford (F), which settled +1.7% @ $12.85. An afternoon report that GM will see better than expected capital returns certainly saw 'sympathy' upside in Ford. Mid term outlook to $16, and an eventual hyper push to 23/25.
Recent price action in Ford has been pretty fascinating (and somewhat stomach churning) to watch.
The year end close in the low $12s was ugly, but then two days of upside took Ford to the low $13s. Then the sellers appeared again... whacking Ford to the mid $12s.
Today's report on GM was a classic indirect excuse for renewed upside in Ford.
Any price action >$13.50 will be extremely bullish, and bode for a broader run to test multi-year resistance of $16. I'm of the view we'll break through it... much as BAC broke >$18 in November.
*Earnings are due pre-market, Thurs' Jan 26th.
yours... can't drive.