Day Traders Best Friends: Ford and GM?

Day traders must be having fun with General Motors and Ford.

Last Friday I was talking to an auto industry source who is very close to management at both Ford and GM, and he told me that he bought a bunch of GM and Ford shares on Friday when Ford was trading below $2.00 a share and GM was trading below $5.00.

“What is the downside risk at this point?” asked my source. “All it will take is for the market to have a big day, and you gotta make money.”

How true. Today, GM closed up 33%, and Ford was up over 20%. Not6 a bad one-day return for those who had the guts to take the plunge. The question is…..how long does he hold on to the shares?

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE