So it was a red day. Many traders were thinking that it would be a green day. However, due to GM bailout and auto bailout plan just stalling, the uptrend was broken past noon and it just went down. Twice as much as the previous low in the day. Around noon, it seemed as if the DOW was going to be green by end of day. Not so in the end.
This is the major reason why bailouts just don’t work. First, they cause undue burden. Next many others line up for money. Arriving in their jets, no less.