Mark Elwa
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General Motors - bounce ended?

General Motors agreed to pay $900 million to fend off criminal prosecution over the deadly ignition-switch scandal, striking a deal that brought criticism down on the Justice Department for not bringing charges against individual employees.

The switches, which can slip out of the "run" position and cut off the engine, have been linked to at least 169 deaths.

Despite evidence that GM's legal and engineering staffs concealed the problem for nearly a decade, no employees were charged Thursday, though U.S. Attorney Preet Bharara said the investigation is still going on.

Also Thursday, GM announced it will spend $575 million to settle the majority of the civil lawsuits filed over the scandal.


Stock are looking overbought and traded near the resistance line. So i think there will be a correction in a couple of days. Target price: $29.