GM said Tuesday its U.S. sales fell 28 percent in May compared with a year earlier, while Ford's sales fell 16 percent, Chrysler LLC's sales were down 25 percent and Toyota Motor Corp.'s sales slipped 4 percent.
Honda Motor Co., riding the wave of customers seeking better fuel efficiency, said its sales jumped 18 percent, led by a 36 percent increase in car sales. Nissan Motor Co. said its sales rose 8 percent, with a 19 percent increase in car sales.
The Toyota Corolla and Camry and Honda Civic and Accord sedans all outsold the F-series truck, which saw sales plummet 31 percent in May to 42,973. F-series trucks have been the best-selling trucks in the U.S. for 31 years and the best-selling vehicles overall for nearly as long. They also have been the best-selling vehicles each month since June 2005, when the Chevrolet Silverado pickup took a brief lead.
Bottom line: Detroit is in trouble. Big time.
The SPYs broke trend about two weeks ago, right after they couldn't get beyond the 200 day SMA. Since then they have been selling off. Notice the following regarding their SMAs:
-- The 10 day just crossed below the 20 day SMA
-- Both the 10 and 20 day SMA are heading lower
-- Prices are below the 200 day SMA -- and couldn't get above that level
-- Prices are right at the crucial 50 day SMA
The QQQQs are still in a rally. However, the SMA picture is turning a bit mixed for two reasons. First, the 10 day SMA has been moving sideways for awhile and the 10 day SMA is about to move through the 20 day SMA. However, prices are still above the 200 day SMA which is positive. Finally, notice the QQQQs may be forming a double top right now. However, the overall picture is still positive.
The IWMS still look good technically. Notice the following:
-- The shorter SMAs are bullishly aligned (10 > 20 > 50)
-- the shorter SMAs are all moving higher
-- Prices are above all the SMAs
-- Prices are right at the 200 day SMA and need to move through this level for the rally to continue.
