GE In A Nosedive

click on chart to enlarge (unless you are a shareholder)

General Electric, once the bluest of blue chips stocks is currently in a death spiral. The main culprit is GE Capital, their financial division. I bought the stock on Friday at $9.13, right after they announced they were cutting their dividend from 0.31 to 0.10 per share. My thinking was that the company will be able to save over $9 billion a year and shore up it's balance sheet. Well smart me! The stock dropped 50 cents right after my purchase, dropped another 11% yesterday (I sold half my position at 7.88) and today the stock dropped another 50 cents and I dumped the other half at 7.07. I'm not telling you this to prove what a great trader I am (not in this market), but to illustrate the depth of the problem in all stocks but especially the financials. GE traded as low as 6.85 today, we are in unchartered waters folks.-Lou