Archived IMT (2009.03.30)

While much talk revolves around the ouster of GMs Wagoner, the broader questions revolve around the implications for US Automakers failure to pass their own stress tests since demanding new lifelines from the US Treasury later last year. Will the same revelation occur in US banks? S&P500s failure to breach above the 860-865 reiterates the view that the recent bounce was bear market rally, but this also does not suggest prolonged losses beyond 770. USDCAD +50pips since today's HOTCHART.