The last IPO that was as widely anticipated as the current GM offering was Visa (V), which filed in late 2007 and priced in early 2008. It was a veritable bell-ringer at the top of the market.
Additionally I’d note, via Investors Intelligence:
The bulls surged all the way up to 56.2%, from 48.4% last week. Twelve weeks ago their number was just 29.4%, at the late August bottom. That reading below 30% was a low since March 2009. We are now just below the 56.5% reading from December 2007. Bulls at 55% show excessive optimism and a rally in danger while less than 30% shows too little and suggests a buying chance.
Warning flags are waving, in my humble opinion.