No Auto Bailout

The bailout for the US auto industry is seeing stiff opposition in the Senate.  Bloomberg article.

The US markets will be in for a rocky ride Friday as Asian markets are currently in the midst of a selloff with the Nikkei down over 5% and the Hang Seng down almost 7%.  

This failed bailout may be the stimulus that forces the markets to retest the bottom in short order. For the DOW that would mean nearly 7500, the NAZ, about 1300 and the S&P almost 740.  The RSW hedge put on at the close Thursday may help stifle the declines I expect.

What happens to our AutoNation position? There is too much uncertainty at this point and with an expected drop in the stock coming I'm going to be looking for the door.