Don't forget about the automaker's compensation fund for the victims involved in the ignition switch coverup. That's not going to be cheap.

Sure, the company is likely trying to "clean house" and take care of every minuscule detail, issue or recall. But it's just beyond what shareholders want to see at this point. 

The stock market is oh-so-close to its all-time highs, and should we see a correction headed into the summer months, I don't think shares of General Motors will be spared. 

The stock is currently hanging around the $34 level -- $34.40 as of 12:30 p.m. Friday -- and has a year-to-date low just below $32. Should the overall market correct, shares will most likely be at or below that level again.

-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Kenwell had no position in a stock mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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