Ford’s automotive operations earned a pretax profit of $669 million, compared with a loss of $895 million a year ago, though the company continued its lengthy streak of money-losing quarters in North America. Shares of Ford jumped as much as 17 percent to $8.79, the highest level since November, in early afternoon trading on the New York Stock Exchange. Ford’s biggest one-day gain ever is 15.7 percent.

Ford’s stock chart shows that investors were hoping for some good news, running the stock up almost 50% from lows in mid-March. There should be two levels of support, at around $7.5 and 7.0. After such a significant runup, it may be wise to wait for a good entry point. However, this is the first step in a long term recovery, and Ford’s stock price should stand to benefit as well.

The company reaffirmed its commitment to becoming profitable by next year in North America, a crucial tenet of its restructuring plan known as the Way Forward, even as high gasoline prices and a sour housing market sap demand for big vehicles. The Way Forward involves cutting thousands of jobs and retooling manufacturing lines to help achieve better efficiency and profitability. So far, it seems that Ford’s efforts are working, with the latest report bringing a breath of relief to Ford investors.

To reach its goal, Ford’s chief executive, Alan R. Mulally, said the automaker may need to eliminate more shifts at truck assembly plants and offer more buyouts. If not enough workers leave voluntarily, he said, layoffs are possible.

Since the automaker lost $12.6 billion in 2006, it has cut about a third of its hourly work force through buyout and early retirement offers. Another 4,200 workers accepted a second round of buyouts offered earlier this year, fewer than the company had hoped.

MACD is turning positive. Expect a possible short term resistance at ~200, if the market weakness continues.

Keep this one on your watchlists.