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It was just yesterday that Zacks came out and called General Motors (GM) its bear of the day, while at the same time pushing Tesla (TSLA) as a buy. On Monday, the market didn't really know what it wanted to do ahead of Janet Yellen's comments today, but GM took a nosedive to the tune of over 3% yesterday. On my board for the day, it was one of the biggest losers and part of the reason I cut my portfolio watching short and moved directly to an emergency early vodka martini Monday, as properly disclosed on my StockTalks:

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Additionally, one of the QTR fan club of fellow degenerates seems appalled that I even waited that long. I have a great reader base.

However, content with my position in GM for a multi-year hold (mostly, I hold Warrant B), I added on the dip yesterday.

I went over my bullish sentiment on GM when I last wrote about the company. During its last earnings, it became clear that GM had great traction through North America and that it was narrowing its European losses. Most of my thesis on the company revolves around the company being able to turn itself around overseas. Just yesterday, here is what I commented on GM:

Bearish complaints against both companies have focused on rising inventories and incentivized selling doing more harm than good for both companies. Also, bulls and bears alike point out the exposure both companies have overseas and in China. Bears call it exposure, bulls call it opportunities for growth. China has the world's largest automobile market.

This morning, I was happy to see GM report the news that it set another all-time monthly sales record in China, as a lot of my thesis behind investing in GM (as well as Ford) relies on the growth I need these companies to achieve overseas. This morning's press release read:

In January, General Motors and its joint ventures set an all-time monthly sales record in China with sales of 348,061 units, an increase of 12.0 percent from January 2013, the previous record month.

Domestic sales by Shanghai GM and SAIC-GM-Wuling and their Buick and Wuling brands all reached all-time highs as well in January.

Shanghai GM sold 171,856 vehicles in China, an increase of 11.4 percent year on year. SAIC-GM-Wuling sold 172,852 vehicles, as domestic demand for its products increased 13.9 percent on an annual basis. Demand in China for FAW-GM's products dropped 26.1 percent on an annual basis to 3,319 units.

The futures are ahead by 50 points and GM is up 0.6% pre-market on Tuesday. Barring Yellen pulling a fast one on the markets today when she appears before congress, it's looking like GM should see some upside during today's trading.

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As you can see from the above chart, the stock needs all the help it can get from a technical standpoint. Riding the oversold line since it started selling off at the beginning of the year, I'm going to be watching to see if GM can break through its 200DMA and show some strength to break its current downtrend. Support at around $34 seems to have held well.

I remain bullish on GM for a multi-year hold. Remember, you don't get the dividends with the warrants, but I still believe them to be the better investment for the long haul. I plan on continuing to nibble both GM and F as they dip.

Best of luck to all investors.

Source: General Motors - Traction In China

Additional disclosure: I hold GM B and C warrants.