General Motors

(GM) - Get Report

looks down seven after the arbitrageurs got much more of the stock back than they wanted.

As someone who is inclined to buy weakness that is arb-related this one seems like a bargain too good to be passed up.

But those darn technicals! If the stock doesn't hold $79, my trader technician

Todd-o Harrison

will have one foot out the door.

Now that's a rough one.

But we are ready to rumble!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long General Motors. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.